Galata Acquisition Corp. II (NASDAQ:LATA) Trading 0.2% Higher - Here's What Happened

Key Points

• Galata Acquisition Corp. II shares rose 0.2% to $10.2150 in mid-day trading, while volume fell 65% below the average session level.
• The company reported quarterly earnings of $0.06 per share; its 50-day and 200-day moving averages were $10.14 and $10.08, respectively.
• MarketBeat reported an average analyst rating of “Sell”, while several institutional investors—including Adage Capital Partners and Picton Mahoney—established new positions during the fourth quarter.

Galata Acquisition Corp. II (NASDAQ:LATA - Get Free Report)'s stock price traded up 0.2% during mid-day trading on Friday . The company traded as high as $10.19 and last traded at $10.2150. Approximately 2,543 shares changed hands during trading, a decline of 65% from the average session volume of 7,291 shares. The stock had previously closed at $10.19.

Analysts Set New Price Targets

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

Galata Acquisition Corp. II Price Performance

The stock's 50-day moving average is $10.14 and its 200 day moving average is $10.08.

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

Institutional Trading of Galata Acquisition Corp. II

A number of large investors have recently made changes to their positions in LATA. Adage Capital Partners GP L.L.C. purchased a new position in Galata Acquisition Corp. II during the 4th quarter worth approximately $13,446,000. Picton Mahoney Asset Management purchased a new stake in Galata Acquisition Corp. II in the fourth quarter valued at approximately $9,960,000. Alberta Investment Management Corp acquired a new stake in shares of Galata Acquisition Corp. II in the fourth quarter valued at approximately $7,221,000. AQR Arbitrage LLC acquired a new stake in shares of Galata Acquisition Corp. II in the fourth quarter valued at approximately $6,747,000. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. purchased a new position in shares of Galata Acquisition Corp. II during the fourth quarter worth approximately $5,976,000.

Galata Acquisition Corp. II Company Profile

Galata Acquisition Corp. II NASDAQ: LATA is a special purpose acquisition company (SPAC), also known as a blank‑check company, formed to effect mergers, share exchanges, asset acquisitions, stock purchases, reorganizations or similar business combinations with one or more businesses. As a publicly traded acquisition vehicle, the company raises capital through an initial public offering and holds proceeds in trust while seeking an operating company to combine with and take public through the SPAC structure.

The firm's primary activities are identifying and evaluating potential targets, negotiating definitive agreements for business combinations, and completing the required shareholder approvals and regulatory filings to consummate transactions.

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.