Finnovate Acquisition Corp. (NASDAQ:FNVT – Get Rating) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 10,300 shares, an increase of 18.4% from the June 30th total of 8,700 shares. Based on an average daily trading volume, of 34,900 shares, the days-to-cover ratio is presently 0.3 days.
Institutional Investors Weigh In On Finnovate Acquisition
Hedge funds have recently made changes to their positions in the company. Wealthspring Capital LLC bought a new stake in shares of Finnovate Acquisition during the first quarter valued at approximately $228,000. Royal Bank of Canada raised its stake in Finnovate Acquisition by 8.7% during the first quarter. Royal Bank of Canada now owns 47,337 shares of the company's stock valued at $469,000 after buying an additional 3,800 shares during the last quarter. Whitebox Advisors LLC purchased a new position in Finnovate Acquisition during the fourth quarter valued at $593,000. Segantii Capital Management Ltd purchased a new position in Finnovate Acquisition during the first quarter valued at $743,000. Finally, Bank of Montreal Can purchased a new position in Finnovate Acquisition during the first quarter valued at $758,000. 49.11% of the stock is currently owned by institutional investors.
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Finnovate Acquisition Stock Performance
Shares of FNVT stock remained flat at $9.99 during trading hours on Thursday. The stock had a trading volume of 3,841 shares, compared to its average volume of 51,799. Finnovate Acquisition has a 12-month low of $9.75 and a 12-month high of $10.67. The business's 50 day moving average is $9.95 and its two-hundred day moving average is $9.92.
About Finnovate Acquisition
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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.
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