Melar Acquisition Corp. I (NASDAQ:MACI) Receives "Sell (D)" Rating from Weiss Ratings

Key Points

• Melar Acquisition Corp. I (NASDAQ:MACI) received a "sell (D)" rating from Weiss Ratings, indicating negative sentiment towards the stock.
• The company's stock was trading at $10.54, with a 12-month range between $9.95 and $10.83.
• Significant institutional activity included Wolverine Asset Management raising its stake by 264.9%, acquiring over 866,829 shares recently.

Melar Acquisition Corp. I (NASDAQ:MACI - Get Free Report)'s stock had its "sell (d)" rating restated by equities researchers at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Melar Acquisition Corp. I Stock Performance

NASDAQ MACI opened at $10.54 on Wednesday. The stock's 50 day moving average is $10.53 and its 200 day moving average is $10.44. Melar Acquisition Corp. I has a twelve month low of $9.95 and a twelve month high of $10.83.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC raised its stake in shares of Melar Acquisition Corp. I by 264.9% in the first quarter. Wolverine Asset Management LLC now owns 1,194,001 shares of the company's stock worth $12,215,000 after purchasing an additional 866,829 shares during the last quarter. Meteora Capital LLC purchased a new stake in Melar Acquisition Corp. I during the second quarter valued at $11,669,000. Westchester Capital Management LLC purchased a new stake in Melar Acquisition Corp. I during the first quarter valued at $5,368,000. Wealthspring Capital LLC increased its position in Melar Acquisition Corp. I by 181.7% during the second quarter. Wealthspring Capital LLC now owns 459,235 shares of the company's stock valued at $4,827,000 after acquiring an additional 296,185 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new stake in Melar Acquisition Corp. I during the second quarter valued at $3,861,000.

Melar Acquisition Corp. I Company Profile

Melar Acquisition Corp. I is a blank check company. It formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Melar Acquisition Corp. I is based in NEW YORK.

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