MicroAlgo (NASDAQ:MLGO) Stock Price Down 1.1% – Here’s Why

MicroAlgo Inc. (NASDAQ:MLGO)’s stock price was down 1.1% on Tuesday . The stock traded as low as $3.40 and last traded at $3.49. Approximately 26,075 shares changed hands during trading, a decline of 77% from the average daily volume of 113,552 shares. The stock had previously closed at $3.53.

Analyst Ratings Changes

Several research firms have commented on MLGO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MicroAlgo in a research note on Thursday, January 22nd. Wall Street Zen raised shares of MicroAlgo from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

MicroAlgo Stock Performance

The stock’s 50 day simple moving average is $4.23 and its 200 day simple moving average is $6.69. The firm has a market capitalization of $2.69 million, a P/E ratio of 0.00 and a beta of -1.38.

Institutional Trading of MicroAlgo

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC raised its holdings in shares of MicroAlgo by 42.0% in the 1st quarter. Jane Street Group LLC now owns 36,200 shares of the company’s stock valued at $878,000 after purchasing an additional 10,705 shares in the last quarter. Murchinson Ltd. bought a new stake in shares of MicroAlgo in the 2nd quarter valued at about $153,000. Marex Group plc purchased a new position in shares of MicroAlgo in the 2nd quarter worth approximately $285,000. GSA Capital Partners LLP purchased a new position in shares of MicroAlgo in the 3rd quarter worth approximately $190,000. Finally, Man Group plc bought a new position in shares of MicroAlgo during the 3rd quarter worth approximately $102,000. 1.10% of the stock is currently owned by institutional investors.

About MicroAlgo

MicroAlgo Inc develops and applies central processing algorithm solutions to customers in internet advertisement, gaming, and intelligent chip industries in the People’s Republic of China, Hong Kong, and internationally. The company operates through two segments, Central Processing Algorithm Services, and Intelligent Chips and Services. It offers services that includes algorithm optimization, accelerating computing power without the need for hardware upgrades, data processing, and data intelligence services.