Armada Acquisition Corp. II (NASDAQ:XRPN) Shares Shorted: Short Interest Up 400.0% in September

Key Points

• Short interest surged 400% in September to 342,627 shares, representing 1.1% of outstanding shares. Despite the increase, the stock’s days-to-cover ratio remains low at 0.4 days.
• Analyst sentiment is negative: Weiss Ratings maintained a “sell” rating, while MarketBeat reports an overall average rating of “Sell” from the one analyst covering the stock.
• XRPN opened at $17.09, above its 50-day and 200-day moving averages of $12.96 and $11.29, respectively. Institutional investors own 27.95% of the SPAC, which is focused on pursuing a future business combination.

Armada Acquisition Corp. II (NASDAQ:XRPN - Get Free Report) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 342,627 shares, an increase of 400.0% from the September 15th total of 68,519 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily volume of 879,816 shares, the days-to-cover ratio is currently 0.4 days.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on XRPN. Weiss Ratings reissued a "sell (d)" rating on shares of Armada Acquisition Corp. II in a report on Monday, September 28th. Wall Street Zen raised shares of Armada Acquisition Corp. II to a "hold" rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has an average rating of "Sell".

Armada Acquisition Corp. II Price Performance

NASDAQ:XRPN opened at $17.09 on Friday. The business has a fifty day moving average of $12.96 and a 200-day moving average of $11.29. Armada Acquisition Corp. II has a 1 year low of $10.10 and a 1 year high of $53.00.

Armada Acquisition Corp. II (NASDAQ:XRPN - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.05 EPS for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Arrington Capital Management LLC purchased a new stake in Armada Acquisition Corp. II during the fourth quarter valued at about $59,351,000. Magnetar Financial LLC bought a new stake in Armada Acquisition Corp. II in the fourth quarter worth $8,338,000. Aristeia Capital L.L.C. acquired a new position in shares of Armada Acquisition Corp. II during the 4th quarter valued at about $5,120,000. Radcliffe Capital Management L.P. bought a new position in shares of Armada Acquisition Corp. II in the 4th quarter valued at approximately $4,780,000. Finally, Context Capital Management LLC acquired a new stake in Armada Acquisition Corp. II in the 4th quarter worth approximately $3,584,000. Institutional investors own 27.95% of the company's stock.

About Armada Acquisition Corp. II

Armada Acquisition Corp. II is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with an operating company. Its mandate may include a merger, acquisition, stock purchase, reorganization or similar transaction.

As a SPAC, Armada Acquisition Corp. II does not operate a traditional commercial business and does not manufacture products or provide ongoing customer services. Instead, its activities are focused on evaluating potential target companies, negotiating a transaction and obtaining the required shareholder and regulatory approvals.

Publicly available information about the company's specific target, operating geographies and leadership is limited.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.