Galata Acquisition Corp. II (NASDAQ:LATA) Stock Short Interest Declines 40.0%

Key Points

• Short interest fell 40% to 30 shares as of September 30, down from 50 shares two weeks earlier. Shorted shares represented 0.0% of the company’s stock, with a days-to-cover ratio of 0.0.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock from “sell (e+)” to “sell (d-),” while the sole analyst covering LATA maintains a Sell rating.
• LATA traded near $10.21, close to its 52-week high of $10.22, while several institutional investors recently established new positions. The SPAC reported quarterly EPS of $0.06 and is focused on completing a business combination.

Galata Acquisition Corp. II (NASDAQ:LATA - Get Free Report) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 30 shares, a decrease of 40.0% from the September 15th total of 50 shares. Based on an average daily trading volume, of 38,889 shares, the days-to-cover ratio is currently 0.0 days. Currently, 0.0% of the company's stock are short sold.

Wall Street Analyst Weigh In

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.com, the stock currently has an average rating of "Sell".

Institutional Trading of Galata Acquisition Corp. II

Several institutional investors and hedge funds have recently made changes to their positions in the company. Lineage Point Capital LP bought a new stake in Galata Acquisition Corp. II in the 4th quarter worth about $746,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Galata Acquisition Corp. II in the 4th quarter valued at about $1,245,000. Sona Asset Management US LLC purchased a new stake in Galata Acquisition Corp. II in the 1st quarter valued at about $1,411,000. Mangrove Partners IM LLC bought a new position in shares of Galata Acquisition Corp. II during the 4th quarter worth approximately $2,206,000. Finally, Rivernorth Capital Management LLC bought a new position in shares of Galata Acquisition Corp. II during the 1st quarter worth approximately $2,997,000.

Galata Acquisition Corp. II Trading Up 0.0%

LATA stock opened at $10.21 on Thursday. The business has a 50-day simple moving average of $10.19 and a two-hundred day simple moving average of $10.11. Galata Acquisition Corp. II has a 52-week low of $9.91 and a 52-week high of $10.22.

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

Galata Acquisition Corp. II Company Profile

Galata Acquisition Corp. II NASDAQ: LATA is a special purpose acquisition company (SPAC) organized to identify and complete a business combination with one or more operating companies. The company does not have significant ongoing commercial operations, products or services of its own.

Its principal objective is to raise capital and use the proceeds, together with other available funding, to acquire, merge with or otherwise combine with a target business. Until a transaction is completed, 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.