Singularity Future Technology Ltd. (NASDAQ:SGLY) Sees Significant Decrease in Short Interest

Singularity Future Technology Ltd. (NASDAQ:SGLY) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 13,211 shares, a decrease of 52.9% from the September 15th total of 28,021 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily trading volume, of 155,972 shares, the days-to-cover ratio is presently 0.1 days.

Wall Street Analyst Weigh In

SGLY has been the subject of several research analyst reports. Wall Street Zen raised Singularity Future Technology from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Singularity Future Technology in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Singularity Future Technology Stock Performance

Shares of Singularity Future Technology stock traded down $0.04 on Wednesday, hitting $0.64. 49,544 shares of the company’s stock were exchanged, compared to its average volume of 482,276. The company has a 50-day simple moving average of $2.29 and a 200-day simple moving average of $4.21. Singularity Future Technology has a 1 year low of $0.62 and a 1 year high of $14.28. The stock has a market capitalization of $2.24 million, a PE ratio of -0.03 and a beta of 1.45.

Singularity Future Technology (NASDAQ:SGLY) last issued its quarterly earnings results on Tuesday, October 13th. The company reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.00 by ($5.40). Singularity Future Technology had a negative return on equity of 35.44% and a negative net margin of 347.46%. The business had revenue of $0.83 million during the quarter, compared to analysts’ expectations of $11.30 million.

About Singularity Future Technology

Singularity Future Technology Ltd., formerly known as Sino-Global Shipping America Ltd., is a logistics and supply chain services company. Its traditional business has included shipping agency services, freight forwarding, container trucking, warehousing coordination and related transportation support for cargo moving through international trade routes.

The company has historically served customers involved in global shipping, with operations and business relationships connected to the United States and China.