Primech (NASDAQ:PMEC) Stock Price Down 9.8% – Here’s What Happened

Shares of Primech Holdings Ltd. (NASDAQ:PMEC) fell 9.8% during trading on Monday . The stock traded as low as $0.8888 and last traded at $0.8888. 261,795 shares were traded during mid-day trading, an increase of 10% from the average session volume of 238,116 shares. The stock had previously closed at $0.9856.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Primech in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Primech presently has a consensus rating of “Sell”.

Primech Price Performance

The stock has a 50-day simple moving average of $1.69 and a two-hundred day simple moving average of $1.50. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.37.

Hedge Funds Weigh In On Primech

A hedge fund recently raised its stake in Primech stock. XTX Topco Ltd lifted its position in Primech Holdings Ltd. (NASDAQ:PMEC) by 123.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,960 shares of the company’s stock after buying an additional 22,104 shares during the period. XTX Topco Ltd owned approximately 0.10% of Primech worth $31,000 as of its most recent SEC filing. Institutional investors own 88.06% of the company’s stock.

About Primech

Primech Holdings Ltd. provides facilities and stewarding services in the public and private sectors in Singapore. Its facilities services include educational institutions cleaning, airport cleaning, and conservancy areas cleaning services, as well as offers cleaning of hotels, public spaces, roads, condominium, office, industrial, and retail stores.