Mogo Inc. (NASDAQ:MOGO) Sees Large Drop in Short Interest

Mogo Inc. (NASDAQ:MOGO) was the recipient of a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 288,000 shares, a drop of 72.6% from the May 15th total of 1,050,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily volume of 2,270,000 shares, the short-interest ratio is presently 0.1 days.

Hedge Funds Weigh In On Mogo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OLD Mission Capital LLC acquired a new position in Mogo during the first quarter worth about $35,000. Renaissance Technologies LLC grew its holdings in shares of Mogo by 130.1% during the fourth quarter. Renaissance Technologies LLC now owns 81,077 shares of the company’s stock worth $110,000 after buying an additional 45,842 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Mogo by 7.7% during the fourth quarter. Tidal Investments LLC now owns 1,330,643 shares of the company’s stock worth $1,810,000 after buying an additional 94,856 shares in the last quarter. Finally, AMH Equity Ltd purchased a new stake in shares of Mogo during the fourth quarter worth about $333,000. Institutional investors and hedge funds own 14.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Mogo in a research note on Wednesday, May 14th.

Mogo Stock Performance

Shares of MOGO opened at $1.29 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.50. The stock has a market cap of $31.57 million, a P/E ratio of -2.74 and a beta of 3.65. The company has a 50-day moving average of $1.13 and a two-hundred day moving average of $1.18. Mogo has a 12-month low of $0.74 and a 12-month high of $2.73.

About Mogo

Mogo Inc operates as a digital finance company in Canada, Europe, and internationally. The company's digital solutions help build wealth and achieve financial freedom. It provides MogoTrade, a stock trading app; Moka; and MogoMoney that provides online personal loans. The company also offers digital loans and mortgages; and operates a digital payments platform that powers next-generation card programs for both global corporations and fintech companies in Europe and Canada.