Highway Holdings Limited (NASDAQ:HIHO) Sees Large Decline in Short Interest

Highway Holdings Limited (NASDAQ:HIHO) saw a significant drop in short interest during the month of 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. Based on an average daily trading volume, of 105,122 shares, the short-interest ratio is presently 0.5 days. Approximately 1.6% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded 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, Highway currently has a consensus rating of “Sell”.

Highway Stock Down 4.2%

HIHO traded down $0.03 during mid-day trading on Friday, reaching $0.78. 37,947 shares of the company traded hands, compared to its average volume of 155,944. The stock has a market capitalization of $3.60 million, a P/E ratio of -2.35 and a beta of 0.49. The company’s fifty day moving average price is $0.79 and its 200-day moving average price is $0.90. Highway has a 52-week low of $0.60 and a 52-week high of $2.21.

Highway (NASDAQ:HIHO) last released 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 firm had revenue of $0.93 million during the quarter.

Institutional Investors Weigh In On Highway

An institutional investor recently bought a new stake in Highway stock. Jane Street Group LLC purchased a new stake in shares of Highway Holdings Limited (NASDAQ:HIHO) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,122 shares of the industrial products company’s stock, valued at approximately $38,000. Jane Street Group LLC owned about 0.52% of Highway as of its most recent SEC filing. 13.19% of the stock is currently owned by institutional investors.

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.