Short Interest in Group Nine Acquisition Corp. (NASDAQ:GNAC) Declines By 45.2%

Group Nine Acquisition Corp. (NASDAQ:GNACGet Rating) was the recipient of a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 1,700 shares, a decrease of 45.2% from the April 30th total of 3,100 shares. Approximately 0.0% of the company’s shares are sold short. Based on an average daily trading volume, of 29,800 shares, the days-to-cover ratio is currently 0.1 days.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sculptor Capital LP grew its stake in shares of Group Nine Acquisition by 0.9% during the first quarter. Sculptor Capital LP now owns 583,395 shares of the company’s stock valued at $5,712,000 after buying an additional 5,050 shares during the last quarter. Nomura Holdings Inc. grew its stake in Group Nine Acquisition by 58.8% in the first quarter. Nomura Holdings Inc. now owns 288,729 shares of the company’s stock worth $2,826,000 after purchasing an additional 106,962 shares in the last quarter. Glazer Capital LLC grew its stake in Group Nine Acquisition by 3.9% in the first quarter. Glazer Capital LLC now owns 1,581,184 shares of the company’s stock worth $15,480,000 after purchasing an additional 59,914 shares in the last quarter. Saba Capital Management L.P. grew its stake in Group Nine Acquisition by 1.3% in the first quarter. Saba Capital Management L.P. now owns 104,238 shares of the company’s stock worth $1,020,000 after purchasing an additional 1,313 shares in the last quarter. Finally, Kohlberg Kravis Roberts & Co. L.P. bought a new position in Group Nine Acquisition in the first quarter worth approximately $197,000. 65.31% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GNAC traded up $0.01 during mid-day trading on Friday, reaching $9.80. 141,973 shares of the company’s stock traded hands, compared to its average volume of 35,861. The stock’s 50-day moving average is $9.81 and its two-hundred day moving average is $9.78. Group Nine Acquisition has a 12 month low of $9.62 and a 12 month high of $9.93.

About Group Nine Acquisition (Get Rating)

Group Nine Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in New York, New York.

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