Movella Holdings Inc. (NASDAQ:MVLA) Sees Large Decline in Short Interest

Movella Holdings Inc. (NASDAQ:MVLA) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totalling 197,600 shares, a decline of 36.0% from the August 15th total of 308,700 shares. Based on an average trading volume of 255,400 shares, the short-interest ratio is presently 0.8 days. Currently, 0.7% of the company’s stock are short sold.

Institutional Trading of Movella

A number of hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Movella in the second quarter worth about $43,000. XTX Topco Ltd purchased a new position in Movella during the second quarter worth approximately $47,000. Gabelli Funds LLC purchased a new position in Movella during the first quarter worth approximately $34,000. Two Sigma Securities LLC purchased a new position in Movella during the first quarter worth approximately $36,000. Finally, CIBC Asset Management Inc purchased a new position in Movella during the first quarter worth approximately $36,000. Hedge funds and other institutional investors own 37.14% of the company’s stock.

Movella Price Performance

Shares of MVLA stock opened at $0.68 on Friday. The stock’s 50-day simple moving average is $1.37 and its 200-day simple moving average is $1.72. The company has a debt-to-equity ratio of 0.70, a current ratio of 5.67 and a quick ratio of 5.14. Movella has a fifty-two week low of $0.65 and a fifty-two week high of $10.76.

Movella (NASDAQ:MVLA) last announced its quarterly earnings data on Wednesday, August 9th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The firm had revenue of $8.36 million during the quarter, compared to analyst estimates of $9.04 million. On average, analysts forecast that Movella will post -0.37 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MVLA. Northland Securities began coverage on Movella in a research report on Tuesday, May 23rd. They issued an “outperform” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.40 target price on shares of Movella in a research report on Thursday, September 7th.

Movella Company Profile

Movella Holdings Inc operates as a full-stack provider of sensors, software, and analytics that enable the digitization of movement in the United States. Its real-time character movement in digital environments transforms movement into digital data that provides actionable insights. The company offers Xsens 3D Body Motion Systems comprises wearable sensor systems and motion capture solutions, including MVN Animate or MVN Analyze software, a full-body wearable sensor system, which captures the motion of the human body.