Highway Holdings Limited (NASDAQ:HIHO) Sees Large Growth in Short Interest

Highway Holdings Limited (NASDAQ:HIHO) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totaling 91,027 shares, a growth of 553.6% from the May 31st total of 13,926 shares. Based on an average trading volume of 1,247,015 shares, the short-interest ratio is currently 0.1 days. Currently, 2.9% of the company’s stock are short sold.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Highway from a “sell (d)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of “Sell”.

Highway Stock Up 9.4%

Shares of HIHO traded up $0.07 during midday trading on Friday, reaching $0.88. 286,109 shares of the stock were exchanged, compared to its average volume of 720,589. Highway has a twelve month low of $0.60 and a twelve month high of $2.21. The company has a market cap of $4.03 million, a P/E ratio of -5.47 and a beta of 0.52. The stock’s 50 day simple moving average is $0.79 and its 200 day simple moving average is $0.93.

Institutional Investors Weigh In On Highway

An institutional investor recently bought a new stake in Highway stock. Jane Street Group LLC bought a new stake in Highway Holdings Limited (NASDAQ:HIHO) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 24,122 shares of the industrial products company’s stock, valued at approximately $38,000. Jane Street Group LLC owned approximately 0.52% of Highway as of its most recent filing with the SEC. Institutional investors own 13.19% of the company’s stock.

About Highway

Highway 33 Acquisition Corp. (NASDAQ: HIHO) is a special purpose acquisition company formed to raise capital through an initial public offering for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase or similar business combination with one or more businesses. As a blank‐check vehicle, the company does not have commercial operations of its own but instead seeks to partner with an established private company to bring it public through a business combination.

Since completing its initial public offering in 2021, the company has focused on identifying target businesses in growth‐oriented industries, including technology, consumer products and specialty manufacturing.