Highway (NASDAQ:HIHO) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Highway Holdings Limited (NASDAQ:HIHO) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.88 and traded as high as $1.24. Highway shares last traded at $1.15, with a volume of 6,092,916 shares.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Highway from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

Highway Stock Up 7.5%

The stock has a market capitalization of $5.32 million, a price-to-earnings ratio of -3.59 and a beta of 0.49. The business has a 50-day moving average of $0.81 and a 200-day moving average of $0.88. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 2.23.

Highway (NASDAQ:HIHO) last posted its earnings results on Tuesday, July 14th. The industrial products company reported ($0.24) EPS for the quarter. The company had revenue of $0.93 million during the quarter. Highway had a negative net margin of 28.08% and a negative return on equity of 25.65%.

Hedge Funds Weigh In On Highway

A hedge fund recently bought a new stake in Highway stock. Jane Street Group LLC bought a new stake in Highway Holdings Limited (NASDAQ:HIHO) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 24,122 shares of the industrial products company’s stock, valued at approximately $38,000. Jane Street Group LLC owned about 0.52% of Highway as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 13.19% of the company’s stock.

Highway Company Profile

Highway 33 Acquisition Corp. (NASDAQ: HIHO) is a special purpose acquisition company formed to raise capital through an initial public offering for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase or similar business combination with one or more businesses. As a blank‐check vehicle, the company does not have commercial operations of its own but instead seeks to partner with an established private company to bring it public through a business combination.

Since completing its initial public offering in 2021, the company has focused on identifying target businesses in growth‐oriented industries, including technology, consumer products and specialty manufacturing.