XG Technology Sees Significant Drop in Short Interest (XGTI)
XG Technology (NASDAQ:XGTI) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 463,650 shares, a drop of 32.8% from the July 31st total of 690,435 shares, AR Network reports. Based on an average daily volume of 354,098 shares, the short-interest ratio is currently 1.3 days. Approximately 3.4% of the company’s shares are short sold.
Separately, analysts at Roth Capital initiated coverage on shares of XG Technology in a research note on Monday, August 25th. They set a “buy” rating and a $5.00 price target on the stock.
XG Technology (NASDAQ:XGTI) opened at 2.10 on Thursday. XG Technology has a 1-year low of $1.12 and a 1-year high of $5.88. The stock’s 50-day moving average is $2.09 and its 200-day moving average is $2.09. The company’s market cap is $50.8 million.
XG Technology (NASDAQ:XGTI) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.04. The company had revenue of $163.00 million for the quarter. On average, analysts predict that XG Technology will post $-0.86 earnings per share for the current fiscal year.
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