Sona Asset Management US LLC Takes $4.15 Million Position in GigInternational1, Inc. $GIW

Key Points

• Sona Asset Management US LLC acquired 416,416 GigInternational1 shares worth approximately $4.15 million, giving it a 1.54% stake. Institutional investors collectively own 14.01% of the company.
• GigInternational1’s stock opened at $10.09 and has traded between $9.87 and $10.11 over the past year. The company reported quarterly earnings of $0.05 per share.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock only from “sell (e)” to “sell (e+),” while the overall consensus rating is still Sell.

Sona Asset Management US LLC purchased a new position in shares of GigInternational1, Inc. (NASDAQ:GIW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 416,416 shares of the company's stock, valued at approximately $4,152,000. Sona Asset Management US LLC owned about 1.54% of GigInternational1 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new position in GigInternational1 in the fourth quarter worth approximately $47,000. Geode Capital Management LLC purchased a new stake in GigInternational1 in the fourth quarter valued at $193,000. Lineage Point Capital LP purchased a new stake in GigInternational1 in the fourth quarter valued at $346,000. Stoic Point Capital Management LLC acquired a new position in shares of GigInternational1 in the 4th quarter valued at $391,000. Finally, ABC Arbitrage SA acquired a new position in shares of GigInternational1 in the 4th quarter valued at $396,000. Hedge funds and other institutional investors own 14.01% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised GigInternational1 from a "sell (e)" rating to a "sell (e+)" rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of "Sell".

GigInternational1 Price Performance

GigInternational1 stock opened at $10.09 on Monday. The company's 50 day simple moving average is $10.07 and its 200-day simple moving average is $10.01. GigInternational1, Inc. has a 1 year low of $9.87 and a 1 year high of $10.11.

GigInternational1 (NASDAQ:GIW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The company reported $0.05 earnings per share for the quarter.

GigInternational1 Profile

GigInternational1, Inc, does not have significant operations. The company focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. It intends to focus its search on companies in the technology, media, telecommunications, aerospace and defense, and mobility and semiconductor industries. The company was incorporated in 2021 and is based in Palo Alto, California.

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