Finnovate Acquisition Corp. (NASDAQ:FNVT – Get Rating) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 9,900 shares, an increase of 35.6% from the August 31st total of 7,300 shares. Based on an average trading volume of 43,600 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the shares of the stock are short sold.

Institutional Investors Weigh In On Finnovate Acquisition

Hedge funds and other institutional investors have recently bought and sold shares of the business. Taconic Capital Advisors LP acquired a new stake in Finnovate Acquisition in the first quarter valued at $3,171,000. Omni Event Management Ltd purchased a new position in shares of Finnovate Acquisition in the first quarter valued at $1,756,000. Segantii Capital Management Ltd purchased a new position in shares of Finnovate Acquisition in the first quarter valued at $743,000. Oaktree Capital Management LP purchased a new position in shares of Finnovate Acquisition in the fourth quarter valued at $2,173,000. Finally, Ayrton Capital LLC purchased a new position in shares of Finnovate Acquisition in the first quarter valued at $991,000. Institutional investors and hedge funds own 61.71% of the company's stock.

Finnovate Acquisition Stock Performance

Finnovate Acquisition stock remained flat at $10.09 during midday trading on Friday. The company's stock had a trading volume of 11,075 shares, compared to its average volume of 33,666. Finnovate Acquisition has a 12 month low of $9.75 and a 12 month high of $10.67. The company's fifty day simple moving average is $10.04 and its 200 day simple moving average is $9.98.

About Finnovate Acquisition

Finnovate Acquisition Corp. does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. It intends to acquire Israel-related companies, including companies focused on payments, insuretech, wealthtech, regtech, digital banking, fintech as a service (FAAS), banking as a service (BAAS), cyber area for financial institutions, blockchain and crypto, algo-trading and exchanges, and lending and credit line platforms.

Further Reading

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