Pelican Acquisition Corporation (NASDAQ:PELI) Sees Large Increase in Short Interest

Key Points

• Pelican Acquisition Corporation (NASDAQ:PELI) experienced an 81.4% increase in short interest in September, rising from 5,900 shares to 10,700 shares.
• Multiple institutional investors have recently acquired positions in Pelican Acquisition, with total investments ranging from approximately $500,000 to $2.5 million.
• Analysts at Weiss Ratings have issued a "sell" rating for Pelican Acquisition's shares, contributing to a general consensus rating of "Sell" for the stock.

Pelican Acquisition Corporation (NASDAQ:PELI - Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 10,700 shares, a growth of 81.4% from the August 31st total of 5,900 shares. Based on an average daily volume of 19,100 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.1% of the company's stock are short sold. Approximately 0.1% of the company's stock are short sold. Based on an average daily volume of 19,100 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Trading of Pelican Acquisition

A number of hedge funds and other institutional investors have recently modified their holdings of PELI. Warberg Asset Management LLC acquired a new position in Pelican Acquisition during the second quarter worth approximately $500,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Pelican Acquisition during the second quarter worth approximately $1,000,000. Mint Tower Capital Management B.V. acquired a new position in Pelican Acquisition during the second quarter worth approximately $1,505,000. Magnetar Financial LLC acquired a new position in Pelican Acquisition during the second quarter worth approximately $1,951,000. Finally, Radcliffe Capital Management L.P. acquired a new position in Pelican Acquisition during the second quarter worth approximately $2,520,000.

Pelican Acquisition Stock Performance

NASDAQ:PELI opened at $10.06 on Friday. The firm has a 50-day moving average of $10.03. Pelican Acquisition has a 52-week low of $8.98 and a 52-week high of $10.07.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (e)" rating on shares of Pelican Acquisition in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of "Sell".

About Pelican Acquisition

We are a newly formed blank check company incorporated as a Cayman Islands exempted company on July 23, 2024 under the laws of the Cayman Islands with limited liability, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, which we refer to throughout this prospectus as our initial business combination.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.