Magic Empire Global Limited [NASDAQ: MEGL] loss -1.89% or -0.04 points to close at $2.08 with a heavy trading volume of 733816 shares. The company report on August 10, 2022 that Magic Empire Global Limited Announced Closing of Initial Public Offering.
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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.”.
If we look at the average trading volume of 1.16M shares, MEGL reached to a volume of 733816 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Magic Empire Global Limited [MEGL]:
The Average True Range (ATR) for Magic Empire Global Limited is set at 0.35, with the Price to Sales ratio for MEGL stock in the period of the last 12 months amounting to 2.40. The Price to Book ratio for the last quarter was 10.45.
Trading performance analysis for MEGL stock
Magic Empire Global Limited [MEGL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -24.91.
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. The current RSI for MEGL stock in for the last two-week period is set at 52.02, with the RSI for the last a single of trading hit 56.06, and the three-weeks RSI is set at 40.52 for Magic Empire Global Limited [MEGL]. The present Moving Average for the last 50 days of trading for this stock 2.05, while it was recorded at 2.14 for the last single week of trading.
An analysis of insider ownership at Magic Empire Global Limited [MEGL]
There are presently around $0 million, or 0.51% of MEGL stock, in the hands of institutional investors. The top three institutional holders of MEGL stocks are: MORGAN STANLEY with ownership of 29,632, which is approximately New of the company’s market cap and around 63.02% of the total institutional ownership; GEODE CAPITAL MANAGEMENT, LLC, holding 22,771 shares of the stock with an approximate value of $47000.0 in MEGL stocks shares; and UBS GROUP AG, currently with $43000.0 in MEGL stock with ownership of nearly New of the company’s market capitalization.
7 institutional holders increased their position in Magic Empire Global Limited [NASDAQ:MEGL] by around 102,267 shares. Additionally, 0 investors decreased positions by around 0 shares, while 0 investors held positions by with 0 shares. The mentioned changes placed institutional holdings at 102,267 shares, according to the latest SEC report filing. MEGL stock had 7 new institutional investments in for a total of 102,267 shares, while 0 institutional investors sold positions of 0 shares during the same period.