InterPrivate II Acquisition (NYSEARCA:IPVA) Shares Down 13.4%

Shares of InterPrivate II Acquisition Corp. (NYSEARCA:IPVA – Get Rating) dropped 13.4% during mid-day trading on Wednesday . The company traded as low as $0.54 and last traded at $0.59. Approximately 5,651,930 shares were traded during trading, an increase of 13,125% from the average daily volume of 42,737 shares. The stock had previously closed at $0.68.

InterPrivate II Acquisition Stock Performance

The stock’s 50-day moving average price is $0.71 and its 200-day moving average price is $2.79.

Hedge Funds Weigh In On InterPrivate II Acquisition

Several large investors have recently bought and sold shares of IPVA. BNP Paribas Arbitrage SNC acquired a new position in InterPrivate II Acquisition in the third quarter valued at approximately $8,123,000. First Trust Capital Management L.P. acquired a new position in InterPrivate II Acquisition in the third quarter valued at approximately $3,444,000. RPO LLC acquired a new position in InterPrivate II Acquisition in the third quarter valued at approximately $2,676,000. Mangrove Partners increased its stake in InterPrivate II Acquisition by 646.4% in the third quarter. Mangrove Partners now owns 240,525 shares of the company’s stock valued at $2,367,000 after purchasing an additional 208,300 shares in the last quarter. Finally, Centiva Capital LP increased its stake in InterPrivate II Acquisition by 602.8% in the third quarter. Centiva Capital LP now owns 169,166 shares of the company’s stock valued at $1,665,000 after purchasing an additional 145,096 shares in the last quarter. 66.13% of the stock is currently owned by institutional investors and hedge funds.

About InterPrivate II Acquisition

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InterPrivate II Acquisition Corp. does not have significant operations. The company focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses. It intends to focus on businesses in the auto-tech and mobility, business services, consumer, retail, e-commerce, industrial technology sectors.