Short Interest in Highway Holdings Limited (NASDAQ:HIHO) Drops By 45.3%

Highway Holdings Limited (NASDAQ:HIHO) saw a significant drop in short interest in June. As of June 30th, there was short interest totaling 49,823 shares, a drop of 45.3% from the June 15th total of 91,027 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average trading volume of 105,122 shares, the days-to-cover ratio is currently 0.5 days.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Highway from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Highway

A hedge fund recently bought a new position in Highway stock. Jane Street Group LLC acquired a new stake in shares of Highway Holdings Limited (NASDAQ:HIHO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,122 shares of the industrial products company’s stock, valued at approximately $38,000. Jane Street Group LLC owned approximately 0.52% of Highway as of its most recent SEC filing. Institutional investors and hedge funds own 13.19% of the company’s stock.

Highway Stock Down 1.1%

Shares of HIHO stock traded down $0.01 during mid-day trading on Thursday, hitting $0.81. 7,273 shares of the stock were exchanged, compared to its average volume of 156,825. Highway has a 52-week low of $0.60 and a 52-week high of $2.21. The company has a market cap of $3.73 million, a PE ratio of -2.46 and a beta of 0.49. The firm has a fifty day moving average of $0.79 and a 200 day moving average of $0.90.

Highway (NASDAQ:HIHO) last issued its quarterly earnings results on Tuesday, July 14th. The industrial products company reported ($0.24) earnings per share (EPS) for the quarter. Highway had a negative return on equity of 12.30% and a negative net margin of 13.84%.The business had revenue of $0.93 million for the quarter.

About Highway

Highway 33 Acquisition Corp. (NASDAQ: HIHO) is a special purpose acquisition company formed to raise capital through an initial public offering for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase or similar business combination with one or more businesses. As a blank?check vehicle, the company does not have commercial operations of its own but instead seeks to partner with an established private company to bring it public through a business combination.

Since completing its initial public offering in 2021, the company has focused on identifying target businesses in growth?oriented industries, including technology, consumer products and specialty manufacturing.