Magic Empire Global (NASDAQ:MEGL) Trading Down 2.1% – What’s Next?

Magic Empire Global Limited (NASDAQ:MEGL)’s share price traded down 2.1% during mid-day trading on Monday . The stock traded as low as $1.17 and last traded at $1.17. Approximately 3,787 shares traded hands during trading, a decline of 90% from the average session volume of 39,100 shares. The stock had previously closed at $1.1950.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Magic Empire Global in a research report on Friday, June 26th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Magic Empire Global Trading Down 2.1%

The company has a 50-day moving average of $1.21 and a 200-day moving average of $1.14.

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

Hedge Funds Weigh In On Magic Empire Global

A hedge fund recently bought a new position in Magic Empire Global stock. Citadel Advisors LLC acquired a new position in Magic Empire Global Limited (NASDAQ:MEGL) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 26,900 shares of the company’s stock, valued at approximately $41,000. Citadel Advisors LLC owned approximately 0.66% of Magic Empire Global at the end of the most recent quarter. Institutional investors and hedge funds own 0.51% of the company’s stock.

About Magic Empire Global

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.