Global Engine Group (NASDAQ:GLE) Stock Price Down 8.3% – Here’s What Happened

Global Engine Group Holding Limited (NASDAQ:GLE)’s stock price traded down 8.3% during mid-day trading on Thursday . The stock traded as low as $0.3851 and last traded at $0.3941. 245,475 shares were traded during mid-day trading, a decline of 26% from the average session volume of 330,499 shares. The stock had previously closed at $0.4298.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Global Engine Group from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Global Engine Group Stock Performance

The company’s fifty day simple moving average is $0.44 and its two-hundred day simple moving average is $0.40.

Global Engine Group (NASDAQ:GLE) last issued its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.02) earnings per share (EPS) for the quarter. The firm had revenue of $0.45 million for the quarter.

Hedge Funds Weigh In On Global Engine Group

An institutional investor recently bought a new stake in Global Engine Group stock. Jane Street Group LLC acquired a new position in shares of Global Engine Group Holding Limited (NASDAQ:GLE) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 50,445 shares of the company’s stock, valued at approximately $77,000. Jane Street Group LLC owned approximately 0.28% of Global Engine Group as of its most recent filing with the Securities and Exchange Commission.

Global Engine Group Company Profile

Global Engine Group, Inc operates as a specialty distributor in the automotive aftermarket, offering a comprehensive range of new and remanufactured engine blocks, cylinder heads, transmission cases and related components. Through its two principal subsidiaries, MAM Distributors and Brenner Distributing, the company supplies replacement powertrain parts to independent repair shops, national service chains and regional distributors across North America. By centralizing procurement, remanufacturing and distribution processes, Global Engine Group aims to provide consistent quality and rapid fulfillment to its customers.

The company was formed through the combination of Brenner Distributing, known for its remanufacturing capabilities, and MAM Distributors, a large-scale parts distributor.