In the last trading session, 4.0 million Tingo Group Inc. (NASDAQ:TIO) shares changed hands as the company’s beta touched 1.15. With the company’s per share price at $1.26 changed hands at -$0.11 or -8.03% during last session, the market valuation stood at $281.19M. TIO’s last price was a discount, traded about -351.59% off its 52-week high of $5.69. The share price had its 52-week low at $0.57, which suggests the last value was 54.76% up since then. When we look at Tingo Group Inc.’s average trading volume, we note the 10-day average is 6.6 million shares, with the 3-month average coming to 7.15 million.
Analysts gave the Tingo Group Inc. (TIO) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 1 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended TIO as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight. Tingo Group Inc.’s EPS for the current quarter is expected to be $0.46.
Tingo Group Inc. (NASDAQ:TIO) trade information
Instantly TIO was in red as seen at the end of in last trading. With action 8.62%, the performance over the past five days has been green. The drop to weekly highs of 1.4000 on Friday, 09/15/23 subtracted -8.03% to the stock’s daily price. The company’s shares are showing year-to-date upside of 51.81%, with the 5-day performance at 8.62% in the green. However, in the 30-day time frame, Tingo Group Inc. (NASDAQ:TIO) is 8.62% up. Looking at the short shares, we see there were 20.69 million shares sold at short interest cover period of 2.17 days.
The consensus price target for the stock as assigned by Wall Street analysts is $11.75, meaning bulls need an upside of 89.28% from its current market value. According to analyst projections, TIO’s forecast low is $11.75 with $11.75 as the target high. To hit the forecast high, the stock’s price needs a -832.54% plunge from its current level, while the stock would need to soar -832.54% for it to hit the projected low.
Tingo Group Inc. (TIO) estimates and forecasts
Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Tingo Group Inc. will rise 1,633.30%, while the growth in revenue is estimated to hit 3,650.00% for the next quarter. Year-over-year growth is forecast to reach 3,071.30% up from the last financial year.
Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $1.26 billion. 1 analysts are of the opinion that Tingo Group Inc.’s revenue for the quarter ending Dec 2023 will be $1.6 billion. The company’s revenue for the corresponding quarters a year ago was $13.76 million and $110.76 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 9,095.30%. The estimates for the next quarter sales put growth at 1,344.60%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 4.40%. The 2023 estimates are for Tingo Group Inc. earnings to decrease by -12.40%.
Tingo Group Inc. is expected to release its next quarterly earnings report between November 13 and November 17.
Tingo Group Inc. (NASDAQ:TIO)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 26.20% of Tingo Group Inc. shares while 7.27% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 9.86%. There are 7.27% institutions holding the Tingo Group Inc. stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 3.78% of the shares, roughly 7.76 million TIO shares worth $9.77 million.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 2.87% or 5.89 million shares worth $7.43 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 3.25 million shares estimated at $4.1 million under it, the former controlled 1.59% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.25% of the shares, roughly 2.57 million shares worth around $3.24 million.