Short Interest in MicroAlgo Inc. (NASDAQ:MLGO) Drops By 50.3%

MicroAlgo Inc. (NASDAQ:MLGO) was the recipient of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 1,840,000 shares, a decrease of 50.3% from the February 28th total of 3,700,000 shares. Based on an average daily volume of 20,490,000 shares, the days-to-cover ratio is currently 0.1 days. Approximately 924.6% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MLGO. Virtu Financial LLC bought a new position in shares of MicroAlgo during the 4th quarter valued at $93,000. Jane Street Group LLC grew its stake in shares of MicroAlgo by 117.3% during the fourth quarter. Jane Street Group LLC now owns 25,495 shares of the company’s stock valued at $96,000 after buying an additional 13,765 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of MicroAlgo in the fourth quarter worth about $319,000. 1.10% of the stock is owned by hedge funds and other institutional investors.

MicroAlgo Stock Performance

Shares of NASDAQ MLGO traded up $1.41 during trading hours on Friday, reaching $17.35. 42,600,199 shares of the stock traded hands, compared to its average volume of 6,617,275. The company’s 50-day simple moving average is $3.85 and its two-hundred day simple moving average is $3.96. MicroAlgo has a 52-week low of $1.11 and a 52-week high of $509.60.

MicroAlgo Company Profile

MicroAlgo Inc develops and applies central processing algorithm solutions to customers in internet advertisement, gaming, and intelligent chip industries in the People’s Republic of China, Hong Kong, and internationally. The company operates through two segments, Central Processing Algorithm Services, and Intelligent Chips and Services.