ARB IOT Group Limited (NASDAQ:ARBB) Sees Significant Drop in Short Interest

ARB IOT Group Limited (NASDAQ:ARBB) was the target of a large drop in short interest in October. As of October 15th, there was short interest totaling 2,080 shares, a drop of 61.3% from the September 30th total of 5,380 shares. Based on an average daily volume of 4,988 shares, the short-interest ratio is currently 0.4 days. Approximately 0.1% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded ARB IOT Group from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 20th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ARB IOT Group currently has an average rating of “Reduce”.

ARB IOT Group Stock Performance

Shares of NASDAQ:ARBB opened at $3.87 on Thursday. The company has a fifty day simple moving average of $4.31 and a 200 day simple moving average of $4.69. ARB IOT Group has a 12-month low of $3.65 and a 12-month high of $10.67.

About ARB IOT Group

ARB IOT Group Limited is a technology company focused on Internet of Things (IoT) products and solutions. Through its operating subsidiaries, the company develops and supplies connected devices and technology designed to collect, transmit and analyze data for use by businesses and consumers.

The company’s offerings include IoT hardware and related software and services for applications such as smart homes, smart buildings, industrial operations and other connected environments. Its solutions are intended to support automation, monitoring, remote management and data-driven decision-making.

ARB IOT Group is headquartered in Malaysia and has described its business as serving customers in Malaysia and other markets in the region.