Pontem Co. (NYSE:PNTM – Get Rating) was the target of a significant increase in short interest in May. As of May 15th, there was short interest totalling 15,600 shares, an increase of 345.7% from the April 30th total of 3,500 shares. Based on an average daily volume of 127,400 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.0% of the company’s stock are sold short.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC bought a new position in Pontem during the 4th quarter worth $62,000. Graham Capital Wealth Management LLC acquired a new stake in shares of Pontem during the 4th quarter valued at $397,000. Cohanzick Management LLC raised its holdings in Pontem by 129.3% in the 1st quarter. Cohanzick Management LLC now owns 40,539 shares of the company’s stock valued at $397,000 after buying an additional 22,862 shares during the last quarter. Timelo Investment Management Inc. acquired a new position in shares of Pontem in the fourth quarter worth approximately $490,000. Finally, Privium Fund Management UK Ltd acquired a new stake in Pontem during the first quarter worth approximately $502,000. Institutional investors and hedge funds own 70.05% of the company’s stock.
NYSE:PNTM opened at $9.80 on Thursday. Pontem has a one year low of $9.61 and a one year high of $9.90. The firm’s fifty day moving average price is $9.82 and its two-hundred day moving average price is $9.79.
Pontem Corporation does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It intends to focus its search on global and regional consumer brands businesses.
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