PS International Group Ltd. (NASDAQ:PSIG) Sees Large Increase in Short Interest
by Danessa Lincoln · The Markets DailyPS International Group Ltd. (NASDAQ:PSIG – Get Free Report) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 357,166 shares, a growth of 1,198.3% from the September 15th total of 27,510 shares. Approximately 7.5% of the company’s shares are sold short. Based on an average trading volume of 1,638,641 shares, the days-to-cover ratio is presently 0.2 days.
Institutional Investors Weigh In On PS International Group
An institutional investor recently raised its stake in PS International Group stock. Renaissance Technologies LLC boosted its stake in PS International Group Ltd. (NASDAQ:PSIG – Free Report) by 140.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,401 shares of the company’s stock after purchasing an additional 15,424 shares during the period. Renaissance Technologies LLC owned about 0.17% of PS International Group worth $162,000 at the end of the most recent quarter. 29.70% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on PSIG shares. Wall Street Zen downgraded PS International Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Weiss Ratings downgraded PS International Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock has an average rating of “Sell”.
Read Our Latest Research Report on PS International Group
PS International Group Trading Up 5.4%
Shares of PS International Group stock opened at $5.10 on Friday. The company has a 50-day simple moving average of $2.77 and a two-hundred day simple moving average of $4.83. PS International Group has a twelve month low of $1.03 and a twelve month high of $12.00.
About PS International Group
PS International Group Limited (NASDAQ: PSIG) is a Hong Kong-based holding company focused on freight forwarding and logistics services. Through its operating subsidiaries, the company coordinates the movement of goods for customers using international transportation networks.
Its services are generally associated with ocean and air freight forwarding, shipment coordination, customs-related support, and other logistics activities. These services may include arranging transportation, managing shipping documentation, and coordinating cargo movements between shippers, carriers, and consignees.
The company serves customers involved in cross-border trade, with operations centered in Hong Kong and connections to international shipping and logistics markets.