FinTech Evolution Acquisition Group (NYSE:FTEV – Get Rating) was the target of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 3,600 shares, a drop of 57.1% from the July 31st total of 8,400 shares. Based on an average daily trading volume, of 30,500 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.0% of the company's stock are short sold.

FinTech Evolution Acquisition Group Stock Performance

Shares of FTEV remained flat at $9.86 during midday trading on Friday. The stock had a trading volume of 1,702 shares, compared to its average volume of 53,188. The company has a 50-day moving average price of $9.83 and a 200-day moving average price of $9.79. FinTech Evolution Acquisition Group has a fifty-two week low of $9.60 and a fifty-two week high of $10.29.

Institutional Investors Weigh In On FinTech Evolution Acquisition Group

Several institutional investors have recently added to or reduced their stakes in the business. Karpus Management Inc. lifted its stake in FinTech Evolution Acquisition Group by 90.2% during the second quarter. Karpus Management Inc. now owns 95,269 shares of the company's stock worth $934,000 after purchasing an additional 45,169 shares during the last quarter. Bank of America Corp DE lifted its stake in FinTech Evolution Acquisition Group by 53,571.4% during the first quarter. Bank of America Corp DE now owns 751,400 shares of the company's stock worth $7,364,000 after purchasing an additional 750,000 shares during the last quarter. Cantor Fitzgerald L. P. lifted its stake in FinTech Evolution Acquisition Group by 37.8% during the first quarter. Cantor Fitzgerald L. P. now owns 300,430 shares of the company's stock worth $2,944,000 after purchasing an additional 82,366 shares during the last quarter. Royal Bank of Canada purchased a new stake in FinTech Evolution Acquisition Group during the first quarter worth approximately $137,000. Finally, Basso Capital Management L.P. lifted its stake in FinTech Evolution Acquisition Group by 2,042.0% in the first quarter. Basso Capital Management L.P. now owns 91,785 shares of the company's stock valued at $899,000 after buying an additional 87,500 shares during the last quarter. Hedge funds and other institutional investors own 65.04% of the company's stock.

About FinTech Evolution Acquisition Group

FinTech Evolution Acquisition Group does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It intends to focus on businesses in the financial technology and technology-enabled services that offers technology solutions, and broader technology software or services/products to the financial services industry.

Further Reading

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