Highway (NASDAQ:HIHO) Stock Price Passes Above 50-Day Moving Average – Here’s What Happened

Highway Holdings Limited (NASDAQ:HIHO)’s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $0.79 and traded as high as $0.9225. Highway shares last traded at $0.8311, with a volume of 93,276 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Highway from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Highway has an average rating of “Sell”.

Highway Trading Down 2.2%

The firm has a market cap of $3.82 million, a P/E ratio of -5.19 and a beta of 0.49. The stock’s fifty day moving average is $0.79 and its two-hundred day moving average is $0.91.

Hedge Funds Weigh In On Highway

A hedge fund recently bought a new stake in Highway stock. Jane Street Group LLC purchased a new stake in Highway Holdings Limited (NASDAQ:HIHO) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 24,122 shares of the industrial products company’s stock, valued at approximately $38,000. Jane Street Group LLC owned approximately 0.52% of Highway as of its most recent SEC filing. Hedge funds and other institutional investors own 13.19% of the company’s stock.

About Highway

Highway 33 Acquisition Corp. (NASDAQ: HIHO) is a special purpose acquisition company formed to raise capital through an initial public offering for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase or similar business combination with one or more businesses. As a blank‐check vehicle, the company does not have commercial operations of its own but instead seeks to partner with an established private company to bring it public through a business combination.

Since completing its initial public offering in 2021, the company has focused on identifying target businesses in growth‐oriented industries, including technology, consumer products and specialty manufacturing.