Galata Acquisition Corp. II (NASDAQ:LATA) Shares Shorted: Short Interest Down 66.9% in September

Key Points

• Short interest fell 66.9% to 50 shares as of September 15, down from 151 shares on August 31. Short interest represented 0.0% of shares outstanding, with a days-to-cover ratio of 0.0.
• Several institutional investors recently established positions, including Alberta Investment Management Corp., Healthcare of Ontario Pension Plan Trust Fund, and Periscope Capital, with stakes valued in the millions of dollars.
• LATA shares traded at $10.20, near their 52-week high of $10.21. The stock retains an overall “Sell” rating, while Galata remains a SPAC seeking a business-combination target.

Galata Acquisition Corp. II (NASDAQ:LATA - Get Free Report) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totaling 50 shares, a decline of 66.9% from the August 31st total of 151 shares. Based on an average daily trading volume, of 3,553 shares, the days-to-cover ratio is currently 0.0 days. Currently, 0.0% of the company's shares are sold short.

Hedge Funds Weigh In On Galata Acquisition Corp. II

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alberta Investment Management Corp acquired a new stake in Galata Acquisition Corp. II in the fourth quarter valued at approximately $7,221,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Galata Acquisition Corp. II in the 1st quarter valued at $4,995,000. Periscope Capital Inc. purchased a new stake in shares of Galata Acquisition Corp. II during the 4th quarter worth $4,125,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Galata Acquisition Corp. II during the fourth quarter worth $3,976,000. Finally, Radcliffe Capital Management L.P. acquired a new stake in Galata Acquisition Corp. II in the fourth quarter valued at $3,479,000.

Galata Acquisition Corp. II Stock Performance

Shares of NASDAQ:LATA traded up $0.01 during trading on Friday, hitting $10.20. The company's stock had a trading volume of 89,814 shares, compared to its average volume of 17,669. Galata Acquisition Corp. II has a fifty-two week low of $9.91 and a fifty-two week high of $10.21. The business has a 50 day moving average price of $10.16 and a two-hundred day moving average price of $10.09.

Galata Acquisition Corp. II (NASDAQ:LATA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.06 earnings per share (EPS) for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Galata Acquisition Corp. II from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of "Sell".

Galata Acquisition Corp. II Company Profile

Galata Acquisition Corp. II is a special purpose acquisition company, or SPAC, incorporated in the Cayman Islands and listed on the Nasdaq under the symbol LATA. The company was formed to pursue a business combination with one or more operating businesses.

Rather than offering products or services, Galata Acquisition Corp. II evaluates potential merger, share exchange, asset acquisition, share purchase, reorganization, or similar transactions. The company has not identified a specific target business, and its activities are primarily focused on finding and completing a suitable transaction.

As a SPAC, Galata Acquisition Corp.

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.