Alset (NASDAQ:AEI) Shares Down 7.4% – Here’s Why

Shares of Alset Inc. (NASDAQ:AEI) dropped 7.4% during mid-day trading on Friday. The stock traded as low as $0.5799 and last traded at $0.5970. 62,177 shares were traded during trading, an increase of 24% from the average session volume of 50,234 shares. The stock had previously closed at $0.6450.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Alset in a research report on Thursday. One research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has an average rating of “Sell”.

Alset Stock Down 7.4%

The stock’s 50-day simple moving average is $1.08 and its 200 day simple moving average is $1.33. The company has a market cap of $23.22 million, a price-to-earnings ratio of -0.37 and a beta of 1.47.

Alset (NASDAQ:AEI) last announced its earnings results on Friday, August 14th. The company reported ($0.14) earnings per share for the quarter. Alset had a negative return on equity of 29.90% and a negative net margin of 951.44%. The company had revenue of $0.99 million for the quarter.

Hedge Funds Weigh In On Alset

An institutional investor recently raised its position in Alset stock. Empowered Funds LLC lifted its stake in shares of Alset Inc. (NASDAQ:AEI) by 9.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 121,467 shares of the company’s stock after acquiring an additional 10,213 shares during the quarter. Empowered Funds LLC owned 0.31% of Alset worth $223,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 2.74% of the company’s stock.

About Alset

Alset, Inc (NASDAQ: AEI) is a diversified holding company that operates through a portfolio of subsidiaries and investments. Its business activities have included real estate development and investment, financial services, biohealth, and digital transformation technology. The company has also pursued opportunities related to wellness and consumer-oriented businesses.

Through its real estate operations, Alset has been involved in residential community development and related property activities, including projects in the United States.