Eureka Acquisition Corp. (NASDAQ:EURK) Sees Large Decrease in Short Interest

Key Points

• Short interest in Eureka Acquisition plunged 93.9% in July, falling to just 354 shares as of July 15 from 5,788 shares on June 30. The short-interest ratio is now only 0.1 days, with essentially no shares currently short sold.
• Analyst sentiment remains negative, as Weiss Ratings reiterated a “sell (d+)” rating on June 29. MarketBeat says the stock’s consensus rating is also “Sell.”
• The SPAC continues to trade near recent levels, closing at $11.71 on Friday versus a 52-week range of $10.59 to $14.28. Eureka Acquisition reported quarterly EPS of $0.12 and still has not announced a definitive merger target.

Eureka Acquisition Corp. (NASDAQ:EURK - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 354 shares, a decrease of 93.9% from the June 30th total of 5,788 shares. Based on an average daily trading volume, of 6,484 shares, the short-interest ratio is presently 0.1 days. Approximately 0.0% of the shares of the company are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (d+)" rating on shares of Eureka Acquisition in a report on Monday, June 29th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Eureka Acquisition has a consensus rating of "Sell".

Hedge Funds Weigh In On Eureka Acquisition

Hedge funds have recently made changes to their positions in the stock. Meteora Capital LLC bought a new stake in shares of Eureka Acquisition during the 3rd quarter valued at $1,386,000. Polar Asset Management Partners Inc. boosted its stake in Eureka Acquisition by 193.0% in the 1st quarter. Polar Asset Management Partners Inc. now owns 167,000 shares of the company's stock worth $1,894,000 after purchasing an additional 110,000 shares during the period. Clear Street Group Inc. grew its holdings in Eureka Acquisition by 35.4% during the 4th quarter. Clear Street Group Inc. now owns 92,366 shares of the company's stock valued at $1,009,000 after buying an additional 24,135 shares in the last quarter. Finally, Berkley W R Corp grew its holdings in Eureka Acquisition by 3.2% during the 1st quarter. Berkley W R Corp now owns 315,488 shares of the company's stock valued at $3,578,000 after buying an additional 9,860 shares in the last quarter.

Eureka Acquisition Stock Performance

Shares of EURK stock traded down $0.28 during trading on Friday, reaching $11.71. 1,559 shares of the company's stock traded hands, compared to its average volume of 8,264. The firm's 50-day moving average is $11.62 and its 200 day moving average is $11.36. Eureka Acquisition has a 1 year low of $10.59 and a 1 year high of $14.28.

Eureka Acquisition (NASDAQ:EURK - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.12 earnings per share for the quarter.

Eureka Acquisition Company Profile

Eureka Acquisition Co NASDAQ: EURK is a special purpose acquisition company (SPAC) incorporated in Delaware in 2021. As a blank‐check vehicle, the company raised capital through an initial public offering to pursue mergers, acquisitions or other business combinations. Eureka Acquisition does not engage in any operational business activities of its own and has not yet announced a definitive target or transaction.

The company's charter provides a fixed time frame—typically 24 to 36 months—to identify and complete a qualifying business combination.

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