Mega Fortune (NASDAQ:MGRT) Shares Gap Up – Here’s What Happened

Mega Fortune Company Limited (NASDAQ:MGRT)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $107.92, but opened at $113.49. Mega Fortune shares last traded at $108.5290, with a volume of 650 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGRT. Wall Street Zen downgraded Mega Fortune from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Weiss Ratings raised Mega Fortune from a “sell (d-)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. One analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Mega Fortune Price Performance

The firm has a 50-day moving average price of $107.94 and a two-hundred day moving average price of $97.88.

Mega Fortune (NASDAQ:MGRT) last issued its quarterly earnings results on Tuesday, September 29th. The company reported ($0.13) EPS for the quarter. The company had revenue of $0.26 million during the quarter.

About Mega Fortune

We are a holding company incorporated as an exempted company with limited liability in the Cayman Islands. Our ordinary shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our business through our operating subsidiary in Hong Kong. We own 100% equity interest of all our subsidiaries and do not have a variable interest entity, or VIE, structure. We are an Internet of Things (“IoT”) solution provider in Hong Kong.