Finnovate Acquisition Corp. (NASDAQ:FNVT – Get Rating) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 9,700 shares, a decline of 37.4% from the April 30th total of 15,500 shares. Based on an average daily volume of 37,700 shares, the short-interest ratio is presently 0.3 days.
Shares of Finnovate Acquisition stock opened at $9.94 on Friday. Finnovate Acquisition has a 12 month low of $9.75 and a 12 month high of $10.67. The business’s fifty day moving average is $9.94.
Several institutional investors have recently made changes to their positions in the stock. Saba Capital Management L.P. acquired a new stake in shares of Finnovate Acquisition during the fourth quarter worth $12,995,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Finnovate Acquisition during the fourth quarter worth $8,154,000. D. E. Shaw & Co. Inc. acquired a new stake in shares of Finnovate Acquisition during the fourth quarter worth $5,318,000. Spring Creek Capital LLC bought a new position in Finnovate Acquisition during the first quarter worth about $3,964,000. Finally, Context Capital Management LLC bought a new position in Finnovate Acquisition during the first quarter worth about $3,469,000. 49.11% of the stock is owned by institutional investors and hedge funds.
Finnovate Acquisition Corp. focuses on entering into 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 focus its search on companies that provide technological services to the financial services industry.
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