ACE Convergence Acquisition Corp. (NASDAQ:ACEV – Get Rating) was the target of a large increase in short interest during the month of April. As of April 30th, there was short interest totalling 162,200 shares, an increase of 107.7% from the April 15th total of 78,100 shares. Based on an average daily volume of 56,500 shares, the short-interest ratio is presently 2.9 days. Currently, 2.0% of the shares of the stock are sold short.
A number of large investors have recently modified their holdings of the stock. Saba Capital Management L.P. lifted its stake in ACE Convergence Acquisition by 7.0% in the 4th quarter. Saba Capital Management L.P. now owns 17,826 shares of the company’s stock valued at $178,000 after purchasing an additional 1,160 shares during the last quarter. Formidable Asset Management LLC lifted its holdings in shares of ACE Convergence Acquisition by 5.5% during the third quarter. Formidable Asset Management LLC now owns 79,298 shares of the company’s stock worth $786,000 after purchasing an additional 4,142 shares during the period. Westchester Capital Management LLC lifted its holdings in shares of ACE Convergence Acquisition by 1.7% during the third quarter. Westchester Capital Management LLC now owns 404,711 shares of the company’s stock worth $4,010,000 after purchasing an additional 6,592 shares during the period. Magnetar Financial LLC lifted its holdings in shares of ACE Convergence Acquisition by 8.3% during the third quarter. Magnetar Financial LLC now owns 131,438 shares of the company’s stock worth $1,303,000 after purchasing an additional 10,111 shares during the period. Finally, Ancora Advisors LLC acquired a new position in shares of ACE Convergence Acquisition during the third quarter worth $110,000. 60.34% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:ACEV opened at $9.94 on Friday. The firm has a 50 day simple moving average of $10.05 and a 200 day simple moving average of $10.00. ACE Convergence Acquisition has a one year low of $9.63 and a one year high of $10.37.
ACE Convergence Acquisition Corp. does not have significant operations. It focuses on effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses. It intends to focus on businesses in the IT infrastructure software and semiconductor sectors.
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