uCloudlink Group Inc. (NASDAQ:UCL) Sees Large Decline in Short Interest

uCloudlink Group Inc. (NASDAQ:UCL) saw a significant decrease in short interest in March. As of March 31st, there was short interest totalling 18,900 shares, a decrease of 54.2% from the March 15th total of 41,300 shares. Based on an average daily volume of 98,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the shares of the stock are sold short.

Institutional Investors Weigh In On uCloudlink Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in uCloudlink Group by 77.3% in the 4th quarter. Renaissance Technologies LLC now owns 54,805 shares of the company’s stock worth $115,000 after purchasing an additional 23,900 shares during the period. XTX Topco Ltd purchased a new position in shares of uCloudlink Group during the fourth quarter worth approximately $26,000. Finally, Two Sigma Securities LLC bought a new position in shares of uCloudlink Group during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 85.54% of the company’s stock.

uCloudlink Group Stock Performance

Shares of NASDAQ:UCL traded down $0.01 on Friday, reaching $0.97. The company’s stock had a trading volume of 6,916 shares, compared to its average volume of 82,302. The company has a 50-day simple moving average of $1.20 and a 200 day simple moving average of $1.33. The company has a market cap of $36.33 million, a P/E ratio of 8.82 and a beta of 4.01. uCloudlink Group has a 52-week low of $0.95 and a 52-week high of $3.30.

uCloudlink Group (NASDAQ:UCL) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $25.96 million for the quarter, compared to the consensus estimate of $25.15 million. uCloudlink Group had a return on equity of 22.48% and a net margin of 4.84%. On average, equities research analysts forecast that uCloudlink Group will post 0.1 EPS for the current fiscal year.

About uCloudlink Group

uCloudlink Group Inc operates as a mobile data traffic sharing marketplace in the telecommunications industry. The company provides uCloudlink 1.0, a model that focuses on cross-border travelers that need mobile data connectivity services in various countries; and operates portable Wi-Fi services under the Roamingman name in China and Malaysia, which provides global mobile data connectivity services, as well as offers GlocalMe portable Wi-Fi terminals and cloud SIM architecture for mobile virtual network operators, mobile network operators (MNOs), and portable Wi-Fi terminal rental companies.