Kaixin Holdings (NASDAQ:KXIN) Stock Short Interest Declines 76.1%

Kaixin Holdings (NASDAQ:KXIN) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 93,502 shares, a decline of 76.1% from the August 31st total of 391,562 shares. Currently, 7.5% of the company’s shares are sold short. Based on an average daily trading volume, of 126,638 shares, the short-interest ratio is currently 0.7 days.

Kaixin Stock Down 6.0%

Kaixin stock traded down $0.09 during mid-day trading on Friday, reaching $1.42. 123,436 shares of the company were exchanged, compared to its average volume of 5,368,366. The business has a fifty day moving average of $3.57 and a 200 day moving average of $4.75. Kaixin has a 12-month low of $0.54 and a 12-month high of $832.50.

Kaixin (NASDAQ:KXIN) last announced its quarterly earnings results on Wednesday, September 16th. The company reported ($0.10) earnings per share (EPS) for the quarter. The firm had revenue of $0.33 million during the quarter.

Wall Street Analysts Forecast Growth

KXIN has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Kaixin in a research note on Friday, July 17th. Wall Street Zen raised Kaixin from a “strong sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Kaixin Company Profile

Kaixin (NASDAQ: KXIN), formerly known as Kaixin Auto Holdings, is an automotive company based in China. Historically, its business focused on the retail and distribution of used automobiles, supported by related services such as vehicle financing, insurance facilitation and after-sales services.

The company has also pursued opportunities in the new-energy vehicle sector, including the development and commercialization of electric-vehicle products and related technologies. Its business activities have primarily targeted the Chinese automotive market, although its strategic initiatives have included partnerships and potential expansion beyond China.

Kaixin has undergone changes in its business strategy and corporate structure over time as it has sought to transition from a used-car retailer toward a broader automotive and new-energy vehicle company.