Saba Capital Management L.P. Cuts Holdings in Apex Technology Acquisition Co. $APXT

Key Points

• Saba Capital Management cut its APXT stake by 80.8% in the first quarter, selling 484,882 shares and retaining 115,118 shares worth approximately $1.14 million, or 0.26% of the company.
• Other institutional investors established new positions, but hedge funds and institutions collectively owned only 6.01% of APXT. Analyst sentiment remained negative, with the stock carrying a consensus “Sell” rating.
• APXT shares opened at $10.12 and remained near their 52-week range of $9.87 to $10.19. The company, which has no significant operations, is seeking a business combination in the software and internet technology sectors.

Saba Capital Management L.P. lowered its position in Apex Technology Acquisition Co. (NASDAQ:APXT - Free Report) by 80.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 115,118 shares of the company's stock after selling 484,882 shares during the quarter. Saba Capital Management L.P. owned 0.26% of Apex Technology Acquisition worth $1,144,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in APXT. ABC Arbitrage SA acquired a new stake in Apex Technology Acquisition during the first quarter worth about $199,000. Bulldog Investors LLP acquired a new position in shares of Apex Technology Acquisition in the 4th quarter valued at about $425,000. Gritstone Asset Management LLC acquired a new position in shares of Apex Technology Acquisition in the 4th quarter valued at about $494,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Apex Technology Acquisition during the 4th quarter worth about $494,000. Finally, Sculptor Capital LP purchased a new stake in shares of Apex Technology Acquisition during the 4th quarter worth about $522,000. Hedge funds and other institutional investors own 6.01% of the company's stock.

Analyst Upgrades and Downgrades

APXT has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Apex Technology Acquisition to a "hold" rating in a research report on Saturday, June 20th. Weiss Ratings started coverage on shares of Apex Technology Acquisition in a research report on Tuesday, May 26th. They set a "sell (e+)" rating on the stock. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Sell".

Apex Technology Acquisition Stock Down 0.1%

Shares of Apex Technology Acquisition stock opened at $10.12 on Tuesday. The company has a fifty day moving average price of $10.06 and a 200 day moving average price of $10.00. Apex Technology Acquisition Co. has a twelve month low of $9.87 and a twelve month high of $10.19.

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

Apex Technology Acquisition 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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