Magic Empire Global (NASDAQ:MEGL) Shares Down 0.8% – Here’s Why

Shares of Magic Empire Global Limited (NASDAQ:MEGL) traded down 0.8% during trading on Friday . The company traded as low as $1.17 and last traded at $1.19. 15,145 shares were traded during mid-day trading, a decline of 42% from the average session volume of 26,301 shares. The stock had previously closed at $1.20.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Magic Empire Global in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Magic Empire Global presently has a consensus rating of “Sell”.

Magic Empire Global Trading Down 0.8%

The business has a 50-day moving average of $1.34 and a 200 day moving average of $1.46.

Magic Empire Global (NASDAQ:MEGL) last released its quarterly earnings results on Friday, October 17th. The company reported ($0.45) earnings per share (EPS) for the quarter. The business had revenue of $0.33 million during the quarter.

Institutional Trading of Magic Empire Global

A hedge fund recently bought a new stake in Magic Empire Global stock. Virtu Financial LLC purchased a new position in shares of Magic Empire Global Limited (NASDAQ:MEGL) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 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 reporting period. 0.51% of the stock is owned by institutional investors and hedge funds.

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.