Mobix Labs (NASDAQ:MOBX) Trading Down 2.4% – Here’s What Happened

Mobix Labs, Inc. (NASDAQ:MOBX)’s stock price dropped 2.4% during trading on Thursday . The company traded as low as $1.97 and last traded at $2.01. 204,642 shares traded hands during trading, a decline of 59% from the average daily volume of 496,529 shares. The stock had previously closed at $2.06.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Mobix Labs in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Mobix Labs Stock Down 2.4%

The company has a market capitalization of $27.01 million, a price-to-earnings ratio of -0.30 and a beta of -0.74. The stock’s fifty day simple moving average is $2.16 and its two-hundred day simple moving average is $2.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.23 and a quick ratio of 0.17.

Mobix Labs (NASDAQ:MOBX) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.59) earnings per share (EPS) for the quarter. Mobix Labs had a negative return on equity of 1,175.77% and a negative net margin of 361.77%.The business had revenue of $0.97 million during the quarter.

Insiders Place Their Bets

In other Mobix Labs news, CFO Keyvan Samini sold 112,110 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $1.98, for a total value of $221,977.80. Following the transaction, the chief financial officer owned 155,053 shares of the company’s stock, valued at $307,004.94. This trade represents a 41.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 16.73% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mobix Labs

Institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd raised its position in shares of Mobix Labs by 47.4% during the 2nd quarter. XTX Topco Ltd now owns 38,671 shares of the company’s stock worth $30,000 after purchasing an additional 12,443 shares during the period. Virtu Financial LLC lifted its holdings in shares of Mobix Labs by 247.8% in the 4th quarter. Virtu Financial LLC now owns 94,011 shares of the company’s stock worth $25,000 after purchasing an additional 66,982 shares during the last quarter. Toronto Dominion Bank acquired a new position in Mobix Labs during the 4th quarter valued at approximately $27,000. Mariner LLC boosted its position in Mobix Labs by 103.5% during the 4th quarter. Mariner LLC now owns 135,453 shares of the company’s stock valued at $36,000 after purchasing an additional 68,879 shares during the period. Finally, Geode Capital Management LLC boosted its position in Mobix Labs by 17.3% during the 4th quarter. Geode Capital Management LLC now owns 426,198 shares of the company’s stock valued at $114,000 after purchasing an additional 62,715 shares during the period. 8.56% of the stock is owned by institutional investors.

Mobix Labs Company Profile

Mobix Labs, Inc (NASDAQ: MOBX) is a technology company specializing in device intelligence software and services for the mobile device lifecycle. The company’s core platform enables real-time testing, authentication and diagnostic verification of smartphones and other connected devices. By combining automated testing tools with data analytics, Mobix Labs helps carriers, retailers, original equipment manufacturers (OEMs) and repair centers streamline operations and reduce return rates, fraud and waste.

Mobix Labs offers a suite of products designed to support the full spectrum of device management.