BGM Group (NASDAQ:BGM) Sees Large Volume Increase – Here’s Why

BGM Group Ltd. (NASDAQ:BGM) saw strong trading volume on Thursday . 23,909 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 22,329 shares.The stock last traded at $8.3410 and had previously closed at $8.90.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d)” rating on shares of BGM Group in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, BGM Group presently has a consensus rating of “Sell”.

BGM Group Stock Performance

The company has a 50 day moving average price of $9.49 and a 200 day moving average price of $10.11.

Institutional Investors Weigh In On BGM Group

Several hedge funds and other institutional investors have recently modified their holdings of BGM. Mariner LLC bought a new position in shares of BGM Group during the third quarter worth about $267,000. Marshall Wace LLP bought a new position in BGM Group during the 2nd quarter worth approximately $218,000. Finally, Geode Capital Management LLC bought a new stake in shares of BGM Group in the 2nd quarter valued at approximately $412,000.

About BGM Group

Qilian International Holding Group Limited manufactures and distributes active pharmaceutical ingredients (APIs), traditional Chinese medicine derivatives (TCMD), and other by-products in China. The company provides licorice products, including Gan Di Xin, an antitussive and expectorant medicine; Qilian Shan Licorice Extract, an ingredient for pharmaceutical companies to manufacture traditional licorice tablets; and Qilian Shan licorice liquid extract, a primary ingredient for medical preparation companies to produce compound licorice oral solutions.