MAGIC EMPIRE GLOBAL LIMITED [MEGL] Revenue clocked in at $16.79 million, down -87.30% YTD: What’s Next?

MAGIC EMPIRE GLOBAL LIMITED [NASDAQ: MEGL] price plunged by -89.47 percent to reach at -$104.68. The company report on August 10, 2022 that Magic Empire Global Limited Announced Closing of Initial Public Offering.


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Magic Empire Global Limited (Nasdaq: MEGL) (the “Company” or “Magic Empire”), a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services, today announced the closing of its initial public offering (the “Offering”) of 5,000,000 ordinary shares at a price of $4.00 per share.

The aggregate gross proceeds from the Offering were $20 million, before deducting underwriting discounts and other related expenses. The ordinary shares began trading on The Nasdaq Capital Market on August 5, 2022 under the ticker symbol “MEGL.”.

A sum of 9893871 shares traded at recent session while its average daily volume was at 806.53K shares. MAGIC EMPIRE GLOBAL LIMITED shares reached a high of $89.965 and dropped to a low of $11.71 until finishing in the latest session at $12.32.

Guru’s Opinion on MAGIC EMPIRE GLOBAL LIMITED [MEGL]:

The Average True Range (ATR) for MAGIC EMPIRE GLOBAL LIMITED is set at 151.88, with the Price to Sales ratio for MEGL stock in the period of the last 12 months amounting to 14.68. The Price to Book ratio for the last quarter was 33.57.

MEGL Stock Performance Analysis:

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum.

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