Mingteng International Corporation Inc. (NASDAQ:MTEN) Sees Large Increase in Short Interest

Mingteng International Corporation Inc. (NASDAQ:MTEN) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 1,739,437 shares, an increase of 437.1% from the December 31st total of 323,833 shares. Currently, 1,581.3% of the shares of the company are sold short. Based on an average daily volume of 165,816,912 shares, the short-interest ratio is presently 0.0 days. Based on an average daily volume of 165,816,912 shares, the short-interest ratio is presently 0.0 days. Currently, 1,581.3% of the shares of the company are sold short.

Mingteng International Trading Up 13.7%

MTEN stock opened at $2.98 on Wednesday. The firm has a 50 day moving average of $158.13 and a 200-day moving average of $1,299.59. Mingteng International has a 12-month low of $2.01 and a 12-month high of $5,206.00.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Mingteng International in a report on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Mingteng International Company Profile

Mingteng International Group Limited is a special-purpose acquisition company incorporated in the Cayman Islands with a focus on business combinations in the Greater China region. Sponsored by Guangdong Mingteng Investment Holdings Group Co, Ltd., the company completed its initial public offering on the NASDAQ under the ticker MTEN in early 2023. Its primary objective is to leverage sponsor expertise and industry relationships to identify and merge with businesses in high-growth sectors.

The company targets acquisitions across advanced manufacturing, new energy, healthcare, technology and related industries that exhibit strong growth potential.