Cyngn Inc. Common Stock (NASDAQ:CYN) Sees Significant Decline in Short Interest

Cyngn Inc. Common Stock (NASDAQ:CYN) was the recipient of a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 378,736 shares, a drop of 38.2% from the September 30th total of 613,297 shares. Based on an average trading volume of 208,701 shares, the days-to-cover ratio is presently 1.8 days. Currently, 2.5% of the company’s stock are sold short.

Cyngn Inc. Common Stock Price Performance

Shares of CYN stock opened at $0.35 on Friday. Cyngn Inc. Common Stock has a fifty-two week low of $0.34 and a fifty-two week high of $4.80. The stock’s 50-day moving average is $0.70 and its two-hundred day moving average is $1.12. The firm has a market cap of $5.31 million, a P/E ratio of -0.11 and a beta of 0.09.

Cyngn Inc. Common Stock (NASDAQ:CYN) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter. The firm had revenue of $0.14 million for the quarter. Cyngn Inc. Common Stock had a negative net margin of 6,953.61% and a negative return on equity of 62.53%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen raised Cyngn Inc. Common Stock from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cyngn Inc. Common Stock in a research report on Friday, October 2nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce”.

About Cyngn Inc. Common Stock

Cyngn Inc develops autonomous vehicle technology for industrial and commercial applications. The company’s platform is designed to help businesses automate material handling and transportation tasks in environments such as warehouses, manufacturing facilities, distribution centers and other controlled work sites.

Its principal offering, DriveMod, is an autonomous driving software platform intended for integration with industrial vehicles, including trucks and other material-handling equipment.