Pyrophyte Acquisition Corp. II (NYSE:PAII) Shares Down 0.1% - Time to Sell?

Key Points

• Shares traded down about 0.1% to $10.14 with only 100 shares changing hands versus an average daily volume of 75,725, signaling extremely light trading activity.
• Weiss Ratings reissued a "sell (e)" rating and the stock's consensus on MarketBeat is an overall Sell.
• Several hedge funds bought new stakes (notably Two Sigma with ~ $6.8M and Cantor Fitzgerald with ~ $726K); PAII is a SPAC (FTAC Parnassus Acquisition II) sponsored by FTAC Management and Parnassus Investments, holding IPO proceeds in trust while it seeks a target.

Pyrophyte Acquisition Corp. II (NYSE:PAII - Get Free Report)'s share price traded down 0.1% during trading on Tuesday . The company traded as low as $10.13 and last traded at $10.1410. 100 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 75,725 shares. The stock had previously closed at $10.15.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (e)" rating on shares of Pyrophyte Acquisition Corp. II in a report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of "Sell".

Pyrophyte Acquisition Corp. II Trading Down 0.1%

The firm's fifty day simple moving average is $10.13 and its two-hundred day simple moving average is $10.07.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Cantor Fitzgerald L. P. bought a new stake in Pyrophyte Acquisition Corp. II during the third quarter valued at about $726,000. Two Sigma Investments LP bought a new position in shares of Pyrophyte Acquisition Corp. II in the third quarter worth about $6,816,000. Deltec Asset Management LLC purchased a new stake in shares of Pyrophyte Acquisition Corp. II during the third quarter worth about $100,000. Wolverine Asset Management LLC purchased a new stake in shares of Pyrophyte Acquisition Corp. II during the fourth quarter worth about $88,000. Finally, ABC Arbitrage SA bought a new stake in Pyrophyte Acquisition Corp. II during the 4th quarter valued at approximately $252,000.

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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