Short Interest in Mingteng International Corporation Inc. (NASDAQ:MTEN) Drops By 89.5%

Mingteng International Corporation Inc. (NASDAQ:MTEN) was the recipient of a significant decrease in short interest in January. As of January 30th, there was short interest totaling 182,880 shares, a decrease of 89.5% from the January 15th total of 1,739,437 shares. Currently, 15.0% of the shares of the stock are short sold. Based on an average trading volume of 813,726 shares, the days-to-cover ratio is presently 0.2 days. Based on an average trading volume of 813,726 shares, the days-to-cover ratio is presently 0.2 days. Currently, 15.0% of the shares of the stock are short sold.

Mingteng International Trading Up 5.1%

Shares of MTEN stock traded up $0.09 during mid-day trading on Tuesday, reaching $1.87. The stock had a trading volume of 92,859 shares, compared to its average volume of 863,077. Mingteng International has a 12-month low of $1.57 and a 12-month high of $5,206.00. The business has a 50-day simple moving average of $94.22 and a 200 day simple moving average of $1,035.46.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mingteng International in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

About Mingteng International

Mingteng International Group Limited is a special-purpose acquisition company incorporated in the Cayman Islands with a focus on business combinations in the Greater China region. Sponsored by Guangdong Mingteng Investment Holdings Group Co, Ltd., the company completed its initial public offering on the NASDAQ under the ticker MTEN in early 2023. Its primary objective is to leverage sponsor expertise and industry relationships to identify and merge with businesses in high-growth sectors.

The company targets acquisitions across advanced manufacturing, new energy, healthcare, technology and related industries that exhibit strong growth potential.