Magic Empire Global Limited (NASDAQ:MEGL) Sees Large Drop in Short Interest

Magic Empire Global Limited (NASDAQ:MEGL) was the recipient of a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 57,716 shares, a decline of 14.0% from the February 12th total of 67,098 shares. Based on an average trading volume of 7,327 shares, the days-to-cover ratio is presently 7.9 days. Currently, 3.8% of the company’s shares are short sold. Currently, 3.8% of the company’s shares are short sold. Based on an average trading volume of 7,327 shares, the days-to-cover ratio is presently 7.9 days.

Hedge Funds Weigh In On Magic Empire Global

An institutional investor recently bought a new position in Magic Empire Global stock. Citadel Advisors LLC acquired a new stake in shares of Magic Empire Global Limited (NASDAQ:MEGL) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,900 shares of the company’s stock, valued at approximately $41,000. Citadel Advisors LLC owned 0.66% of Magic Empire Global at the end of the most recent quarter. 0.51% of the stock is currently owned by institutional investors and hedge funds.

Magic Empire Global Price Performance

Shares of MEGL stock opened at $1.07 on Thursday. Magic Empire Global has a 1-year low of $0.87 and a 1-year high of $2.62. The stock has a 50-day moving average of $1.08 and a 200-day moving average of $1.28.

About Magic Empire Global

Magic Empire Global Ltd (NASDAQ: MEGL) is a technology-driven company that specializes in the design, manufacturing and distribution of smart hardware and entertainment solutions. Its core offerings include virtual reality (VR) and augmented reality (AR) gaming systems tailored for theme parks, family entertainment centers, museums and esports venues. The company also develops high-end ergonomic computer desks and chairs equipped with integrated connectivity features, targeting both home users and business customers.

Through its vertically integrated model, Magic Empire Global oversees product design, in-house manufacturing and global logistics from its facilities in Guangdong province.