Magic Empire Global (NASDAQ:MEGL) Trading Down 1.7% – Here’s Why

Magic Empire Global Limited (NASDAQ:MEGL) fell 1.7% during trading on Thursday . The stock traded as low as $1.1357 and last traded at $1.15. 24,698 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 21,900 shares. The stock had previously closed at $1.17.

Magic Empire Global Stock Down 1.7%

The firm’s 50-day simple moving average is $1.11 and its 200 day simple moving average is $1.15.

Magic Empire Global (NASDAQ:MEGL) last posted its earnings results on Friday, April 10th. The company reported ($0.05) EPS for the quarter. The business had revenue of $0.41 million for the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Magic Empire Global stock. Virtu Financial LLC bought a new position in Magic Empire Global Limited (NASDAQ:MEGL) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,731 shares of the company’s stock, valued at approximately $33,000. Virtu Financial LLC owned about 0.53% of Magic Empire Global at the end of the most recent quarter. Hedge funds and other institutional investors own 0.51% of the company’s stock.

Magic Empire Global Company Profile

Magic Empire Global Ltd (NASDAQ: MEGL) is a technology-driven company that specializes in the design, manufacturing and distribution of smart hardware and entertainment solutions. Its core offerings include virtual reality (VR) and augmented reality (AR) gaming systems tailored for theme parks, family entertainment centers, museums and esports venues. The company also develops high-end ergonomic computer desks and chairs equipped with integrated connectivity features, targeting both home users and business customers.

Through its vertically integrated model, Magic Empire Global oversees product design, in-house manufacturing and global logistics from its facilities in Guangdong province.