Mags has 1.4 mil shares shorted as of last week Barron's. This has 8.6 mil shares out and the float is less than the shares out.
Short interest ratio is greater than 16%.
Watch out shorts, any contract news should push this into $30.
According to the conf call,they are finalising a contract on Dream box to be anounced soon(may be this week or next week).
With that anouncement,MAGS should be trading around $20+.For that reason he said Fremont office hired more employees and starting on production.
Short interest on MAGS doubled in June comparing to May 2004, as per Barrons.
It should break out to $25 to $30 range.
If SEC clears, this stock will pop to $4 with the short covering.
Remember short interest went up in May 2004.
All the new shorts and old shorts have to run to the hills.
OPWV short interest increased by 1.6 million shares(may 2004) to a total of 8 million shares.
If we have a short squeeze,this should pop up to $18 to $25 range.
My guess, It will close around $23 today and Tuesday it should open up $25 to $28 range. This based on the security situation around the world and potential contract anouncements next week. MAGS CEO will be in USA(June 2004).