In March, Color Star Technology Co., Ltd. (NASDAQ: ADD) experienced a significant decrease in short interest. The number of shares sold short decreased by 10.1% from the previous month, with 296,000 shares being sold short on March 15th. The short-interest ratio is currently 1.3 days, with approximately 4.3% of the company’s stock being sold short.
Despite the decrease in short interest, Color Star Technology’s stock price increased by 2.7% and opened at $0.22 on Friday. With an average daily volume of 231,000 shares, the company’s fifty-day simple moving average is $0.28 and its two hundred-day simple moving average is $0.43. The stock’s low for the past year was $0.17 and its high was $2.14.
Institutional investors have shown interest in Color Star Technology, with UBS Group AG purchasing a new stake in the company’s stock during the third quarter. UBS Group AG bought 46,894 shares valued at approximately $48,000, owning approximately 0.72% of Color Star Technology at the end of the reporting period. Institutional investors hold about 3.44% of the company’s stock overall.
Color Star Technology Co., Ltd., founded in China in 2016 and listed on NASDAQ since January 29th, 2019, is an entertainment and education company that offers online entertainment performances and music education services in both China and the United States through its flagship platform Color World.
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UBS Group AG has been actively investing in Chinese companies like Color Star Technology as they see opportunities for growth due to China’s growing middle class population that has more disposable income for leisure activities such as entertainment performances and music education services.
In conclusion, despite a decrease in short interest during March, Color Star Technology experienced an increase in stock price by over 2%. With UBS Group AG showing interest in buying a new stake in their stock during Q3 and institutional investors holding about one-third of their equity stake; this entertainment and education company continues to be watched closely by investors looking for growth opportunities as it expands into new markets both domestically and internationally through its online platform color world which provides various curriculum content including music, sports, animation painting calligraphy film television life skills among others
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