Apex Technology Acquisition Co. (NASDAQ:APXT) Sees Significant Increase in Short Interest

Key Points

• Short interest in Apex Technology Acquisition surged in June, rising 2,948.5% to 28,321 shares as of June 30 from 929 shares two weeks earlier. Despite the jump, only 0.1% of shares are currently sold short.
• Institutional investors have been adding positions, with several hedge funds and asset managers buying new stakes in the company during recent quarters. Overall, 6.01% of the stock is owned by hedge funds and other institutional investors.
• APXT traded flat and remains near its yearly range, closing at $10.07 with low volume compared with average trading. Analysts currently hold a generally bearish view, with an average rating of “Sell.”

Apex Technology Acquisition Co. (NASDAQ:APXT - Get Free Report) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totaling 28,321 shares, an increase of 2,948.5% from the June 15th total of 929 shares. Based on an average daily trading volume, of 204,981 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Apex Technology Acquisition

A number of large investors have recently modified their holdings of the company. Rivernorth Capital Management LLC bought a new stake in Apex Technology Acquisition in the 1st quarter worth approximately $2,500,000. Sona Asset Management US LLC bought a new position in Apex Technology Acquisition during the first quarter valued at approximately $3,404,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Apex Technology Acquisition during the first quarter worth approximately $8,492,000. ABC Arbitrage SA purchased a new position in shares of Apex Technology Acquisition during the first quarter worth approximately $199,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Apex Technology Acquisition in the 4th quarter worth approximately $989,000. 6.01% of the stock is owned by hedge funds and other institutional investors.

Apex Technology Acquisition Stock Performance

Shares of NASDAQ APXT remained flat at $10.07 during mid-day trading on Friday. 758 shares of the stock were exchanged, compared to its average volume of 111,621. Apex Technology Acquisition has a 52 week low of $9.87 and a 52 week high of $10.10. The stock has a 50 day moving average of $10.04 and a 200 day moving average of $9.98.

Apex Technology Acquisition (NASDAQ:APXT - Get Free Report) last released its earnings results on Thursday, March 26th. The company reported $0.09 EPS for the quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on APXT shares. Wall Street Zen upgraded Apex Technology Acquisition to a "hold" rating in a research report on Saturday, June 20th. Weiss Ratings initiated coverage on shares of Apex Technology Acquisition in a research report on Tuesday, May 26th. They issued a "sell (e+)" rating on the stock. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of "Sell".

Apex Technology Acquisition Company Profile

Apex Technology Acquisition Corporation 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 in the software and internet technology industries. The company was incorporated in 2019 and is based in Burlingame, California. Apex Technology Acquisition Corporation is a subsidiary of Apex Technology Sponsor LLC.

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