ARB IOT Group (NASDAQ:ARBB) Stock Price Down 0.8% – What’s Next?

ARB IOT Group Limited (NASDAQ:ARBB) shares dropped 0.8% during mid-day trading on Thursday . The company traded as low as $5.98 and last traded at $6.15. Approximately 5,926 shares changed hands during trading, a decline of 98% from the average daily volume of 243,707 shares. The stock had previously closed at $6.20.

Wall Street Analysts Forecast Growth

Separately, Maxim Group upgraded ARB IOT Group to a “strong-buy” rating and set a $20.00 target price on the stock in a report on Monday, June 9th.

ARB IOT Group Trading Down 0.8%

The stock has a fifty day simple moving average of $8.14 and a 200-day simple moving average of $8.60.

Hedge Funds Weigh In On ARB IOT Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new position in ARB IOT Group during the fourth quarter worth about $28,000. Virtu Financial LLC bought a new position in shares of ARB IOT Group during the 1st quarter valued at about $31,000. Finally, Citadel Advisors LLC lifted its holdings in shares of ARB IOT Group by 120.1% during the 4th quarter. Citadel Advisors LLC now owns 72,831 shares of the company’s stock valued at $36,000 after purchasing an additional 39,744 shares in the last quarter. Institutional investors own 14.79% of the company’s stock.

ARB IOT Group Company Profile

ARB IOT Group Limited, through its subsidiaries, provides Internet of Things (IoT) system solutions, and system integration and support services in Malaysia. It offers IoT smart home and building solutions, such as design, procurement, and provision of smart home products and devices; integration services; and electrical wire installation and home data network setup for homeowners, as well as provides smart building solutions, including design, procurement, installation, testing, pre-commissioning and commissioning of various IoT systems, solutions, and devices; and integration of automated systems for smart buildings, including installation of wire and wireless, and mechatronic works for property developers and contractors.