Primech (NASDAQ:PMEC) Shares Up 2% – Here’s Why

Primech Holdings Ltd. (NASDAQ:PMEC)’s share price rose 2% during mid-day trading on Tuesday . The company traded as high as $1.03 and last traded at $1.03. Approximately 3,962 shares traded hands during trading, a decline of 98% from the average daily volume of 193,250 shares. The stock had previously closed at $1.01.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Primech in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

Primech Price Performance

The business has a 50-day moving average of $1.43 and a 200 day moving average of $1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.39 and a quick ratio of 1.39.

Institutional Trading of Primech

An institutional investor recently raised its position in Primech stock. XTX Topco Ltd raised its holdings in shares of Primech Holdings Ltd. (NASDAQ:PMEC) by 123.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,960 shares of the company’s stock after purchasing an additional 22,104 shares during the quarter. XTX Topco Ltd owned 0.10% of Primech worth $31,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 88.06% of the company’s stock.

About Primech

Primech Holdings Ltd. provides facilities and stewarding services in the public and private sectors in Singapore. Its facilities services include educational institutions cleaning, airport cleaning, and conservancy areas cleaning services, as well as offers cleaning of hotels, public spaces, roads, condominium, office, industrial, and retail stores.