Mogo Inc. (NASDAQ:MOGO) Sees Large Decline in Short Interest

Mogo Inc. (NASDAQ:MOGO) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 94,200 shares, a drop of 12.9% from the February 28th total of 108,200 shares. Approximately 0.4% of the company’s stock are sold short. Based on an average daily trading volume, of 64,800 shares, the days-to-cover ratio is currently 1.5 days.

Hedge Funds Weigh In On Mogo

A number of large investors have recently modified their holdings of the business. AMH Equity Ltd acquired a new stake in shares of Mogo in the fourth quarter valued at about $333,000. Tidal Investments LLC increased its position in shares of Mogo by 7.7% during the 4th quarter. Tidal Investments LLC now owns 1,330,643 shares of the company’s stock worth $1,810,000 after purchasing an additional 94,856 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Mogo by 130.1% during the 4th quarter. Renaissance Technologies LLC now owns 81,077 shares of the company’s stock worth $110,000 after purchasing an additional 45,842 shares in the last quarter. 14.79% of the stock is currently owned by institutional investors and hedge funds.

Mogo Stock Performance

Shares of MOGO opened at $0.90 on Wednesday. The stock has a market capitalization of $22.02 million, a price-to-earnings ratio of -1.91 and a beta of 3.05. Mogo has a 12 month low of $0.84 and a 12 month high of $2.07. The firm has a fifty day simple moving average of $1.10 and a 200 day simple moving average of $1.20. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.50.

Wall Street Analyst Weigh In

Separately, HC Wainwright cut their target price on Mogo from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, March 21st.

About Mogo

Mogo Inc operates as a digital finance company in Canada, Europe, and internationally. The company's digital solutions help build wealth and achieve financial freedom. It provides MogoTrade, a stock trading app; Moka; and MogoMoney that provides online personal loans. The company also offers digital loans and mortgages; and operates a digital payments platform that powers next-generation card programs for both global corporations and fintech companies in Europe and Canada.