Magic Empire Global Ltd (NASDAQ:MEGL) shares, rose in value on Wednesday, May 07, with the stock price up by 65.25% to the previous day’s close as strong demand from buyers drove the stock to $1.95.
Actively observing the price movement in the last trading, the stock closed the session at $1.18. Referring to stock’s 52-week performance, its high was $5.52, and the low was $1.02. On the whole, MEGL has fluctuated by 53.54% over the past month.
With the market capitalization of Magic Empire Global Ltd currently standing at about $15.73 million, investors are eagerly awaiting this quarter’s results, scheduled for in June.
Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that MEGL’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium-term indicators have put the stock in the category of 50% Sell while long-term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the price of MEGL currently trading nearly 54.55% and 43.24% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 72.63, while the 7-day volatility ratio is showing 16.05% which for the 30-day chart, stands at 13.06%. Furthermore, Magic Empire Global Ltd (MEGL)’s beta value is 2.71, and its average true range (ATR) is 0.19.
A comparison of Magic Empire Global Ltd (MEGL) with its peers suggests the former has fared considerably weaker in the market. MEGL showed an intraday change of 65.25% in last session, and over the past year, it shrunk by -21.82%%.
Data on historical trading for Magic Empire Global Ltd (NASDAQ:MEGL) indicates that the trading volumes over the past 3 months, they’ve averaged 176.66K. According to company’s latest data on outstanding shares, there are 16.26 million shares outstanding.
Nearly 82.32% of Magic Empire Global Ltd’s shares belong to company insiders and institutional investors own 0.37% of the company’s shares. The stock has fallen by -9.71% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MEGL stock heading into the next quarter.
