Pyrophyte Acquisition Corp. II (NYSE:PAII) Sees Significant Growth in Short Interest

Key Points

• Short interest in PAII jumped sharply in June, rising 418.3% to 311 shares from 60 shares two weeks earlier. Even so, the stock still has a very small amount sold short relative to its trading volume.
• The stock has been trading in a tight range around $10, opening at $10.23 with 50-day and 200-day moving averages near $10.19 and $10.12, respectively. Its 12-month range is narrow, between $9.92 and $10.25.
• Analysts remain cautious, with Weiss Ratings reiterating a sell rating and MarketBeat showing a consensus rating of “Sell.” Institutional investors have also recently taken new positions in the SPAC.

Pyrophyte Acquisition Corp. II (NYSE:PAII - Get Free Report) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 311 shares, an increase of 418.3% from the June 15th total of 60 shares. Based on an average daily volume of 20,105 shares, the days-to-cover ratio is currently 0.0 days. Approximately 0.0% of the company's stock are sold short.

Pyrophyte Acquisition Corp. II Stock Performance

Shares of PAII opened at $10.23 on Friday. The firm's fifty day simple moving average is $10.19 and its 200-day simple moving average is $10.12. Pyrophyte Acquisition Corp. II has a twelve month low of $9.92 and a twelve month high of $10.25.

Pyrophyte Acquisition Corp. II (NYSE:PAII - Get Free Report) last released its quarterly earnings results on Friday, May 15th. The company reported $0.05 earnings per share for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Pyrophyte Acquisition Corp. II in a research note on Wednesday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Pyrophyte Acquisition Corp. II currently has a consensus rating of "Sell".

Institutional Investors Weigh In On Pyrophyte Acquisition Corp. II

Several hedge funds and other institutional investors have recently modified their holdings of PAII. Two Sigma Investments LP bought a new position in shares of Pyrophyte Acquisition Corp. II during the third quarter worth about $6,816,000. Westchester Capital Management LLC acquired a new position in Pyrophyte Acquisition Corp. II in the fourth quarter worth about $2,515,000. First Trust Capital Management L.P. bought a new stake in Pyrophyte Acquisition Corp. II in the third quarter valued at about $2,490,000. Mercuria Capital Strategies LLC acquired a new stake in Pyrophyte Acquisition Corp. II during the fourth quarter valued at approximately $2,515,000. Finally, Sona Asset Management US LLC acquired a new stake in Pyrophyte Acquisition Corp. II during the first quarter valued at approximately $1,540,000.

Pyrophyte Acquisition Corp. II Company Profile

FTAC Parnassus Acquisition II Ltd is a special purpose acquisition company (“SPAC”) formed as an exempted Cayman Islands company and listed on the New York Stock Exchange under the ticker PAII. Like other blank check companies, its principal business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more operating businesses. Since its initial public offering in early 2021, FTAC Parnassus Acquisition II has held its proceeds in trust pending the identification of a suitable target.

The company is sponsored by FTAC Management LLC in collaboration with Parnassus Investments, a San Francisco–based asset manager known for its long‐term, sustainable‐value approach.

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