Primech (NASDAQ:PMEC) Shares Down 9.8% – Here’s Why

Primech Holdings Ltd. (NASDAQ:PMEC) dropped 9.8% on Monday . The stock traded as low as $0.8888 and last traded at $0.8888. Approximately 261,795 shares changed hands during trading, an increase of 10% from the average daily volume of 238,116 shares. The stock had previously closed at $0.9856.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Primech in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Primech presently has a consensus rating of “Sell”.

Primech Trading Up 1.2%

The company’s 50-day moving average is $1.65 and its 200-day moving average is $1.49. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.37.

Hedge Funds Weigh In On Primech

A hedge fund recently raised its stake in Primech stock. XTX Topco Ltd lifted its holdings in shares of Primech Holdings Ltd. (NASDAQ:PMEC) by 123.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 39,960 shares of the company’s stock after purchasing an additional 22,104 shares during the period. XTX Topco Ltd owned about 0.10% of Primech worth $31,000 as of its most recent filing with the SEC. 88.06% of the stock is currently owned by institutional investors and hedge funds.

About Primech

Primech Holdings Ltd. provides facilities and stewarding services in the public and private sectors in Singapore. Its facilities services include educational institutions cleaning, airport cleaning, and conservancy areas cleaning services, as well as offers cleaning of hotels, public spaces, roads, condominium, office, industrial, and retail stores.