Short Interest in Caravelle International Group (NASDAQ:HTCO) Declines By 31.9%

Caravelle International Group (NASDAQ:HTCO) saw a large drop in short interest during the month of October. As of October 15th, there was short interest totaling 31,600 shares, a drop of 31.9% from the September 30th total of 46,400 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average trading volume of 47,300 shares, the short-interest ratio is currently 0.7 days. Based on an average trading volume of 47,300 shares, the short-interest ratio is currently 0.7 days. Currently, 0.1% of the shares of the company are sold short.

Caravelle International Group Stock Up 6.6%

NASDAQ:HTCO opened at $10.98 on Friday. The firm’s fifty day moving average is $8.22 and its two-hundred day moving average is $11.09. Caravelle International Group has a one year low of $4.55 and a one year high of $112.50.

Caravelle International Group announced that its Board of Directors has approved a share repurchase program on Thursday, August 28th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have weighed in on HTCO shares. Wall Street Zen upgraded Caravelle International Group to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Caravelle International Group in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Caravelle International Group has an average rating of “Sell”.

About Caravelle International Group

Caravelle International Group, through its subsidiaries, provides ocean transportation services in Singapore and internationally. The company operates through Ocean Transportation and Heating Business segments. It provides international shipping services and carbon-neutral solutions for wood desiccation.