Singularity Future Technology (NASDAQ:SGLY) Stock Price Down 0.6% – What’s Next?

Singularity Future Technology Ltd. (NASDAQ:SGLY)’s stock price dropped 0.6% during trading on Monday . The company traded as low as $0.4057 and last traded at $0.4275. Approximately 79,643 shares changed hands during trading, a decline of 57% from the average daily volume of 185,394 shares. The stock had previously closed at $0.43.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Singularity Future Technology in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Singularity Future Technology Trading Down 0.6%

The company’s 50-day moving average is $0.61 and its 200 day moving average is $0.80. The firm has a market cap of $1.80 million, a PE ratio of -0.14 and a beta of 1.57.

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.