ARB IOT Group (NASDAQ:ARBB) Trading Down 1.3% – Here’s Why

ARB IOT Group Limited (NASDAQ:ARBB) shares fell 1.3% during trading on Friday . The company traded as low as $5.15 and last traded at $5.25. 12,418 shares were traded during mid-day trading, an increase of 26% from the average session volume of 9,861 shares. The stock had previously closed at $5.32.

Analysts Set New Price Targets

Separately, Maxim Group upgraded ARB IOT Group to a “strong-buy” rating and set a $20.00 price objective on the stock in a research report on Monday, June 9th.

ARB IOT Group Stock Performance

The business has a 50 day moving average of $6.69 and a 200 day moving average of $8.43.

Institutional Investors Weigh In On ARB IOT Group

Institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC grew its stake in shares of ARB IOT Group by 120.1% during the fourth quarter. Citadel Advisors LLC now owns 72,831 shares of the company’s stock worth $36,000 after purchasing an additional 39,744 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of ARB IOT Group during the fourth quarter worth $28,000. Finally, Virtu Financial LLC acquired a new stake in shares of ARB IOT Group during the first quarter worth $31,000. 14.79% of the stock is owned by institutional investors and hedge funds.

About ARB IOT Group

ARB IOT Group Limited, through its subsidiaries, provides Internet of Things (IoT) system solutions, and system integration and support services in Malaysia. It offers IoT smart home and building solutions, such as design, procurement, and provision of smart home products and devices; integration services; and electrical wire installation and home data network setup for homeowners, as well as provides smart building solutions, including design, procurement, installation, testing, pre-commissioning and commissioning of various IoT systems, solutions, and devices; and integration of automated systems for smart buildings, including installation of wire and wireless, and mechatronic works for property developers and contractors.