Berto Acquisition Corp. (NASDAQ:TACO) Sees Significant Growth in Short Interest

Key Points

• Short interest surged 560.5% to 13,527 shares as of October 15, up from 2,048 shares at the end of September. Despite the increase, short interest represented 0.0% of shares outstanding, with a 0.2-day days-to-cover ratio.
• Analyst sentiment remained negative: Weiss Ratings and Wall Street Zen rated the stock “Sell,” giving Berto Acquisition a consensus rating of “Sell.”
• TACO shares traded near $10.48, within a narrow 1-year range of $10.11 to $10.63. The SPAC reported quarterly EPS of $0.03, while several institutional investors—including Berkley W R Corp.—increased or initiated positions.

Berto Acquisition Corp. (NASDAQ:TACO - Get Free Report) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 13,527 shares, a growth of 560.5% from the September 30th total of 2,048 shares. Based on an average trading volume of 64,654 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company's stock are sold short.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Weiss Ratings raised shares of Berto Acquisition from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday, August 24th. Wall Street Zen cut Berto Acquisition from a "hold" rating to a "sell" rating in a research report on Saturday, August 22nd. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company has a consensus rating of "Sell".

Berto Acquisition Stock Performance

Shares of NASDAQ:TACO traded up $0.01 during trading on Tuesday, reaching $10.48. The stock had a trading volume of 15,978 shares, compared to its average volume of 95,776. The business has a fifty day moving average price of $10.47 and a 200-day moving average price of $10.36. Berto Acquisition has a 1-year low of $10.11 and a 1-year high of $10.63.

Berto Acquisition (NASDAQ:TACO - Get Free Report) last released its earnings results on Friday, August 14th. The restaurant operator reported $0.03 earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

• It Is Time To Take A Bite Out Of Del Taco Restaurants NASDAQ: TACO

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Berkley W R Corp increased its holdings in shares of Berto Acquisition by 77.9% in the first quarter. Berkley W R Corp now owns 1,822,598 shares of the restaurant operator's stock valued at $18,682,000 after purchasing an additional 797,864 shares during the last quarter. Governors Lane LP purchased a new stake in Berto Acquisition in the 2nd quarter valued at $14,162,000. SkyView Investment Advisors LLC acquired a new stake in shares of Berto Acquisition in the 2nd quarter worth $4,549,000. Sona Asset Management US LLC acquired a new stake in shares of Berto Acquisition in the 1st quarter worth $1,697,000. Finally, Levin Capital Strategies L.P. acquired a new stake in shares of Berto Acquisition in the 1st quarter worth $102,000.

Berto Acquisition Company Profile

Berto Acquisition Corp. is a special purpose acquisition company (SPAC) listed on the Nasdaq Capital Market under the ticker symbol TACO. The company was formed to identify and complete a business combination, such as a merger, share exchange, asset acquisition or similar transaction, with an operating business.

As a blank-check company, Berto Acquisition does not have an established operating business, product portfolio or customer-facing services of its own. Its activities primarily involve evaluating potential acquisition targets and pursuing the transaction and regulatory requirements associated with becoming a publicly traded operating company.

Publicly available information does not indicate that Berto Acquisition has completed a business combination or established operations in specific geographic markets.

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