Short Interest in Provident Acquisition Corp. (NASDAQ:PAQC) Decreases By 61.1%

Provident Acquisition Corp. (NASDAQ:PAQCGet Rating) saw a significant decrease in short interest in May. As of May 15th, there was short interest totalling 13,000 shares, a decrease of 61.1% from the April 30th total of 33,400 shares. Based on an average daily volume of 62,500 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the company’s stock are short sold.

Shares of NASDAQ PAQC remained flat at $$9.86 during mid-day trading on Friday. 184 shares of the company traded hands, compared to its average volume of 51,526. The company has a market cap of $246.38 million, a price-to-earnings ratio of 8.35 and a beta of 0.03. Provident Acquisition has a twelve month low of $9.58 and a twelve month high of $10.30. The firm’s 50 day moving average price is $9.86 and its 200-day moving average price is $9.80.

Provident Acquisition (NASDAQ:PAQCGet Rating) last released its quarterly earnings data on Thursday, March 17th. The company reported $0.01 earnings per share for the quarter.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP grew its position in shares of Provident Acquisition by 335.6% in the 3rd quarter. Marshall Wace LLP now owns 988,945 shares of the company’s stock worth $9,642,000 after buying an additional 761,898 shares during the period. D. E. Shaw & Co. Inc. grew its stake in Provident Acquisition by 440.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 911,749 shares of the company’s stock valued at $8,981,000 after purchasing an additional 743,139 shares during the last quarter. Citadel Advisors LLC acquired a new position in Provident Acquisition in the third quarter valued at approximately $3,985,000. Karpus Management Inc. purchased a new stake in shares of Provident Acquisition during the fourth quarter worth approximately $3,135,000. Finally, Apollo Management Holdings L.P. purchased a new stake in Provident Acquisition in the 1st quarter valued at $2,958,000. Hedge funds and other institutional investors own 72.05% of the company’s stock.

Provident Acquisition Company Profile (Get Rating)

Provident Acquisition Corp. does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in Central, Hong Kong.

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