Crown Reserve Acquisition Corp. I (NASDAQ:CRAC) Short Interest Up 881.4% in June

Key Points

• Short interest surged in Crown Reserve Acquisition Corp. I, rising 881.4% in June to 17,773 shares from 1,811 shares two weeks earlier.
• The stock was little changed at $10.13, trading near its 50-day average of $10.10 and close to its 12-month range of $9.89 to $10.15.
• The company remains a SPAC with no substantive commercial operations, while analysts still rate the stock a consensus "Sell" and recent institutional activity included several new or expanded positions.

Crown Reserve Acquisition Corp. I (NASDAQ:CRAC - Get Free Report) was the target of a large increase in short interest in June. As of June 30th, there was short interest totaling 17,773 shares, an increase of 881.4% from the June 15th total of 1,811 shares. Currently, 0.1% of the company's stock are short sold. Based on an average trading volume of 95,629 shares, the days-to-cover ratio is presently 0.2 days.

Crown Reserve Acquisition Corp. I Stock Up 0.1%

Shares of Crown Reserve Acquisition Corp. I stock opened at $10.13 on Friday. The firm has a fifty day moving average of $10.10. Crown Reserve Acquisition Corp. I has a 12-month low of $9.89 and a 12-month high of $10.15.

Crown Reserve Acquisition Corp. I (NASDAQ:CRAC - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.01) EPS for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings raised Crown Reserve Acquisition Corp. I from a "sell (e)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Crown Reserve Acquisition Corp. I has a consensus rating of "Sell".

Institutional Trading of Crown Reserve Acquisition Corp. I

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC purchased a new stake in shares of Crown Reserve Acquisition Corp. I in the 1st quarter valued at about $2,619,000. Sona Asset Management US LLC purchased a new position in Crown Reserve Acquisition Corp. I during the 1st quarter worth approximately $2,002,000. Berkley W R Corp grew its stake in Crown Reserve Acquisition Corp. I by 93.5% during the 1st quarter. Berkley W R Corp now owns 451,723 shares of the company's stock worth $4,522,000 after buying an additional 218,227 shares during the last quarter. Lineage Point Capital LP acquired a new position in Crown Reserve Acquisition Corp. I during the fourth quarter worth approximately $7,614,000. Finally, Boothbay Fund Management LLC acquired a new position in Crown Reserve Acquisition Corp. I during the fourth quarter worth approximately $1,118,000.

Crown Reserve Acquisition Corp. I Company Profile

Crown Reserve Acquisition Corp. I NASDAQ: CRAC is a special purpose acquisition company (SPAC) listed on the Nasdaq exchange. As a blank‑check vehicle, the company was formed to raise capital through a public offering with the primary aim of identifying, negotiating and completing a business combination with one or more operating businesses. Prior to consummation of a qualifying transaction, Crown Reserve Acquisition Corp. I does not engage in substantive commercial operations beyond the activities necessary to carry out its formation and capital‑raising objectives.

The company's principal activities include managing proceeds raised in its initial public offering, maintaining those funds in trust accounts, conducting due diligence on prospective targets and pursuing mergers, acquisitions or other strategic combinations that would enable the combined entity to become an operating public company.

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