Mega Fortune Company Limited’s Lock-Up Period Will End on January 12th (NASDAQ:MGRT)

Mega Fortune’s (NASDAQ:MGRT) lock-up period will end on Monday, January 12th. Mega Fortune had issued 3,750,000 shares in its public offering on July 16th. The total size of the offering was $15,000,000 based on an initial share price of $4.00. After the end of Mega Fortune’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analyst Ratings Changes

Several research analysts recently issued reports on MGRT shares. Weiss Ratings started coverage on Mega Fortune in a research report on Thursday, October 9th. They set a “sell (e-)” rating on the stock. Wall Street Zen upgraded Mega Fortune to a “hold” rating in a research note on Saturday, December 27th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Mega Fortune Stock Down 4.1%

Shares of MGRT opened at $7.20 on Monday. The stock’s 50-day moving average price is $6.55. Mega Fortune has a one year low of $1.50 and a one year high of $14.50.

About Mega Fortune

We are a holding company incorporated as an exempted company with limited liability in the Cayman Islands. Our ordinary shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our business through our operating subsidiary in Hong Kong. We own 100% equity interest of all our subsidiaries and do not have a variable interest entity, or VIE, structure. We are an Internet of Things (“IoT”) solution provider in Hong Kong.