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

Singularity Future Technology Ltd. (NASDAQ:SGLY) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totaling 174,836 shares, an increase of 46.7% from the December 15th total of 119,141 shares. Based on an average daily volume of 1,051,371 shares, the short-interest ratio is presently 0.2 days. Currently, 4.6% of the company’s stock are sold short. Currently, 4.6% of the company’s stock are sold short. Based on an average daily volume of 1,051,371 shares, the short-interest ratio is presently 0.2 days.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Singularity Future Technology in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Singularity Future Technology currently has a consensus rating of “Sell”.

Singularity Future Technology Trading Up 4.5%

NASDAQ:SGLY opened at $0.75 on Monday. The company has a market capitalization of $3.16 million, a P/E ratio of -0.25 and a beta of 1.19. Singularity Future Technology has a 12 month low of $0.45 and a 12 month high of $5.49. The firm has a fifty day simple moving average of $0.62 and a 200-day simple moving average of $0.85.

Singularity Future Technology Company Profile

Singularity Future Technology Corp. is a blank check company incorporated in Delaware in March 2021. The company completed its initial public offering that same month and its units began trading on the Nasdaq under the ticker symbol SGLY. It was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination with one or more businesses or entities.

Through its acquisition strategy, Singularity Future Technology seeks to identify high-growth targets in emerging technology sectors such as artificial intelligence, blockchain applications, digital infrastructure and other related fields.