Finnovate Acquisition Corp. (NASDAQ:FNVT – Get Rating) was the recipient of a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 7,600 shares, a decrease of 58.2% from the July 31st total of 18,200 shares. Approximately 0.1% of the company's shares are sold short. Based on an average daily volume of 36,700 shares, the days-to-cover ratio is currently 0.2 days.
Finnovate Acquisition Trading Down 0.1 %
Shares of FNVT traded down $0.01 during mid-day trading on Friday, reaching $10.07. The stock had a trading volume of 1,202 shares, compared to its average volume of 50,856. Finnovate Acquisition has a 52-week low of $9.75 and a 52-week high of $10.67. The business's fifty day moving average is $9.98 and its 200 day moving average is $9.94.
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Institutional Investors Weigh In On Finnovate Acquisition
A number of hedge funds have recently modified their holdings of FNVT. Segantii Capital Management Ltd acquired a new position in Finnovate Acquisition in the first quarter valued at about $743,000. Oaktree Capital Management LP acquired a new position in Finnovate Acquisition in the fourth quarter valued at about $2,173,000. Radcliffe Capital Management L.P. acquired a new position in Finnovate Acquisition in the fourth quarter valued at about $988,000. Fifth Lane Capital LP acquired a new position in Finnovate Acquisition in the fourth quarter valued at about $1,019,000. Finally, Whitebox Advisors LLC acquired a new position in Finnovate Acquisition in the fourth quarter valued at about $593,000. Hedge funds and other institutional investors own 49.11% of the company's stock.
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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