Short Interest in Akazoo (NASDAQ:SONG) Expands By 6.9%

Akazoo (NASDAQ:SONG) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 263,900 shares, an increase of 6.9% from the January 15th total of 246,800 shares. Based on an average daily trading volume, of 35,400 shares, the short-interest ratio is presently 7.5 days. Approximately 0.7% of the shares of the company are sold short.

Separately, Noble Financial reaffirmed a “buy” rating and set a $12.00 price target on shares of Akazoo in a research report on Wednesday, February 5th.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Context Capital Management LLC purchased a new position in shares of Akazoo in the 3rd quarter valued at approximately $25,000. Goldman Sachs Group Inc. purchased a new position in shares of Akazoo in the 4th quarter valued at approximately $59,000. Bank of America Corp DE grew its stake in shares of Akazoo by 13.4% in the 4th quarter. Bank of America Corp DE now owns 39,810 shares of the company’s stock valued at $210,000 after purchasing an additional 4,700 shares during the last quarter. Cowen AND Company LLC purchased a new position in shares of Akazoo in the 4th quarter valued at approximately $284,000. Finally, Owl Creek Asset Management L.P. purchased a new position in shares of Akazoo in the 3rd quarter valued at approximately $332,000. 5.53% of the stock is currently owned by institutional investors.

SONG traded up $0.17 during trading on Friday, hitting $4.69. 1,226 shares of the stock were exchanged, compared to its average volume of 36,380. Akazoo has a 1-year low of $3.82 and a 1-year high of $7.49. The company’s fifty day simple moving average is $5.06.

Akazoo (NASDAQ:SONG) last released its quarterly earnings results on Monday, December 9th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.16. The firm had revenue of $38.87 million for the quarter. On average, sell-side analysts predict that Akazoo will post 0.83 earnings per share for the current fiscal year.

About Akazoo

Akazoo SA operates as an on-demand music streaming subscription company. It directly licenses music from various labels and provides online and offline listening platforms, social media integration, and a AI-driven new music recommendation engine. The company provides subscribers with unlimited online and offline streaming access to a catalog of approximately 45 million songs on a commercial-free basis.

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