Brand Engagement Network Inc. (NASDAQ:BNAI) Sees Significant Drop in Short Interest

Brand Engagement Network Inc. (NASDAQ:BNAI) was the target of a large drop in short interest in March. As of March 13th, there was short interest totaling 599,985 shares, a drop of 17.2% from the February 26th total of 724,239 shares. Based on an average daily trading volume, of 1,638,282 shares, the short-interest ratio is currently 0.4 days. Currently, 18.0% of the shares of the stock are short sold.

Hedge Funds Weigh In On Brand Engagement Network

A number of large investors have recently made changes to their positions in the company. XTX Topco Ltd raised its position in Brand Engagement Network by 197.9% in the 2nd quarter. XTX Topco Ltd now owns 73,684 shares of the company’s stock worth $32,000 after purchasing an additional 48,951 shares during the period. Barclays PLC bought a new position in shares of Brand Engagement Network during the fourth quarter valued at approximately $33,000. Finally, Lido Advisors LLC grew its stake in shares of Brand Engagement Network by 404.3% during the second quarter. Lido Advisors LLC now owns 932,924 shares of the company’s stock valued at $410,000 after buying an additional 747,924 shares during the last quarter. 15.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BNAI has been the topic of several recent research reports. Wall Street Zen upgraded shares of Brand Engagement Network from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Brand Engagement Network in a research note on Wednesday, January 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Brand Engagement Network Stock Up 8.9%

Shares of BNAI opened at $37.26 on Tuesday. The company has a market cap of $167.27 million, a PE ratio of -5.71 and a beta of 0.96. The business has a fifty day moving average of $32.03 and a 200 day moving average of $13.67. Brand Engagement Network has a 52-week low of $1.18 and a 52-week high of $86.28.

About Brand Engagement Network

Brand Engagement Network, Inc provides conversational AI assistants. The company offers security-focused, multimodal communication, and human-like assistants. Its AI assistants are built on proprietary natural language processing, anomaly detection, multisensory awareness, sentiment, and environmental analysis, as well as real-time individuation and personalization capabilities. It serves the automotive, healthcare, and other industries through direct sales force and channel partners. Brand Engagement Network, Inc was formerly known as Blockchain Exchange Network Inc and changed its name to Brand Engagement Network, Inc in April 2023.