Anghami Inc. (NASDAQ:ANGH) experienced a notable decline in short interest during December 2023. As of December 15, the total short interest dropped to 1,550 shares, reflecting a substantial decrease of 54.3% from the 3,391 shares reported on November 30. This figure translates to approximately 0.0% of the company’s shares being short sold.
The average trading volume for Anghami stands at 13,525 shares, resulting in a days-to-cover ratio of just 0.1 days. This decline in short interest may suggest a shift in sentiment among investors regarding Anghami’s stock performance as the company continues to navigate its growth in the competitive digital music streaming market.
Analyst Ratings and Company Overview
In a separate development, Weiss Ratings reaffirmed a “sell (e+)” rating on Anghami shares in a report dated October 8, 2023. Currently, one analyst has assigned a Sell rating to the stock, contributing to an average rating of “Sell” according to MarketBeat.com.
Founded in 2012 by Eddy Maroun and Elie Habib, Anghami is a prominent digital entertainment company based in Beirut, Lebanon. The firm operates a music streaming platform specifically designed for audiences in the Middle East and North Africa (MENA) region. Anghami offers both a free ad-supported tier and a premium subscription service, which provides features such as offline listening, high-quality audio, and an ad-free experience.
Through collaborations with major international and regional record labels, Anghami has curated a diverse catalog that merges Arabic music with global hits. This unique positioning allows the company to serve as a cultural bridge for music enthusiasts across various markets.
As the company evolves, investors will be keen to monitor further developments regarding Anghami’s market performance and the overall sentiment reflected in its stock ratings. For those interested in staying updated, MarketBeat.com offers a free daily email newsletter that summarizes the latest news and ratings for Anghami and other related companies.
