HCM Acquisition Corp (NASDAQ:HCMA) Sees Significant Decrease in Short Interest

Key Points

• Short interest in HCM Acquisition Corp fell sharply in June, dropping 69.3% to 1,948 shares as of June 30 from 6,344 shares on June 15. That leaves only about 0.0% of the stock sold short.
• The stock was essentially flat, trading at $10.31 on Friday, just $0.01 below the prior close. Shares remain near their 50-day and 200-day moving averages and close to the 52-week range.
• Analyst sentiment remains weak, with Weiss Ratings slightly upgrading the stock but still assigning a sell rating, and MarketBeat showing a consensus “Sell.” Institutional investors own 11.79% of the company’s shares.

HCM Acquisition Corp (NASDAQ:HCMA - Get Free Report) was the recipient of a large drop in short interest in June. As of June 30th, there was short interest totaling 1,948 shares, a drop of 69.3% from the June 15th total of 6,344 shares. Based on an average trading volume of 16,605 shares, the short-interest ratio is presently 0.1 days. Approximately 0.0% of the shares of the stock are short sold.

HCM Acquisition Stock Down 0.0%

HCMA traded down $0.01 during trading on Friday, reaching $10.31. The stock had a trading volume of 437 shares, compared to its average volume of 46,702. The business has a 50-day moving average of $10.24 and a 200-day moving average of $10.16. HCM Acquisition has a one year low of $10.03 and a one year high of $10.49.

HCM Acquisition (NASDAQ:HCMA - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.05 earnings per share (EPS) for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of HCM Acquisition from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of "Sell".

Institutional Trading of HCM Acquisition

Hedge funds and other institutional investors have recently bought and sold shares of the company. PenderFund Capital Management Ltd. purchased a new position in shares of HCM Acquisition during the fourth quarter worth approximately $72,000. Fort Baker Capital Management LP purchased a new position in HCM Acquisition in the 3rd quarter worth $101,000. Glazer Capital LLC lifted its stake in HCM Acquisition by 5.9% in the fourth quarter. Glazer Capital LLC now owns 317,835 shares of the company's stock worth $3,191,000 after purchasing an additional 17,835 shares during the last quarter. ABC Arbitrage SA bought a new stake in HCM Acquisition in the fourth quarter worth $201,000. Finally, Millennium Management LLC purchased a new stake in HCM Acquisition during the third quarter valued at about $202,000. Hedge funds and other institutional investors own 11.79% of the company's stock.

HCM Acquisition Company Profile

HCM Acquisition Corp. is a Delaware‐incorporated special purpose acquisition company (SPAC) that was formed to identify and complete a business combination with one or more target businesses. The company raised capital through its initial public offering and is listed on the Nasdaq under the ticker HCMA. As a blank check vehicle, HCM Acquisition holds its funds in trust until it consummates a qualifying merger, share exchange, asset acquisition or other business combination.

The SPAC is sponsored by affiliates of Healthcare Capital Management LLC, a Los Angeles‐based investment firm with experience in healthcare and life sciences investing.

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