BGM Group (NASDAQ:BGM) Stock Price Down 11.7% – What’s Next?

BGM Group Ltd. (NASDAQ:BGM) shares fell 11.7% during mid-day trading on Friday . The stock traded as low as $5.37 and last traded at $5.3310. 6,512 shares traded hands during trading, a decline of 85% from the average session volume of 42,768 shares. The stock had previously closed at $6.04.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BGM Group in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

BGM Group Stock Performance

The company’s 50 day moving average price is $8.75 and its two-hundred day moving average price is $9.65.

Institutional Investors Weigh In On BGM Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC purchased a new stake in shares of BGM Group in the second quarter worth $412,000. Mariner LLC purchased a new stake in BGM Group during the third quarter valued at approximately $267,000. Finally, Marshall Wace LLP acquired a new stake in BGM Group in the second quarter valued at approximately $218,000.

About BGM Group

Qilian International Holding Group Limited manufactures and distributes active pharmaceutical ingredients (APIs), traditional Chinese medicine derivatives (TCMD), and other by-products in China. The company provides licorice products, including Gan Di Xin, an antitussive and expectorant medicine; Qilian Shan Licorice Extract, an ingredient for pharmaceutical companies to manufacture traditional licorice tablets; and Qilian Shan licorice liquid extract, a primary ingredient for medical preparation companies to produce compound licorice oral solutions.