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

Highway Holdings Limited (NASDAQ:HIHO) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totalling 2,700 shares, a drop of 75.9% from the February 27th total of 11,200 shares. Based on an average daily volume of 7,700 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.1% of the company’s stock are sold short.

A hedge fund recently raised its stake in Highway stock. Renaissance Technologies LLC boosted its position in Highway Holdings Limited (NASDAQ:HIHO) by 3.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 193,627 shares of the industrial products company’s stock after acquiring an additional 6,000 shares during the quarter. Renaissance Technologies LLC owned 5.09% of Highway worth $314,000 at the end of the most recent quarter. 6.42% of the stock is currently owned by institutional investors.

HIHO has been the topic of several analyst reports. ValuEngine cut shares of Highway from a “hold” rating to a “sell” rating in a report on Friday, March 20th. TheStreet raised shares of Highway from a “d” rating to a “c-” rating in a report on Tuesday, February 18th.

NASDAQ:HIHO traded up $0.12 during mid-day trading on Thursday, hitting $2.07. The stock had a trading volume of 1,100 shares, compared to its average volume of 11,444. The stock has a 50-day simple moving average of $2.04 and a two-hundred day simple moving average of $1.80. The company has a market capitalization of $7.79 million, a PE ratio of -103.44 and a beta of 0.34. Highway has a twelve month low of $1.55 and a twelve month high of $3.90. The company has a current ratio of 2.50, a quick ratio of 2.08 and a debt-to-equity ratio of 0.02.

Highway (NASDAQ:HIHO) last issued its earnings results on Tuesday, February 18th. The industrial products company reported $0.08 earnings per share for the quarter. The firm had revenue of $3.59 million for the quarter. Highway had a negative net margin of 0.48% and a negative return on equity of 0.62%. During the same period last year, the business earned ($0.08) EPS.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 6th. Investors of record on Tuesday, March 31st will be issued a $0.08 dividend. This is a boost from Highway’s previous quarterly dividend of $0.05. The ex-dividend date is Monday, March 30th. This represents a $0.32 annualized dividend and a yield of 15.46%.

About Highway

Highway Holdings Limited, through its subsidiaries, manufactures and supplies metal, plastic, electric, and electronic components, subassemblies, and finished products for original equipment manufacturers (OEM) and contract manufacturers. The company operates in two segments, Metal Stamping and Mechanical OEM, and Electric OEM.

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