Short Interest in Churchill Capital Corp IX (NASDAQ:CCIX) Grows By 916.2%

Key Points

• Short interest in Churchill Capital Corp IX surged 916.2% in June, rising to 29,328 shares as of June 30 from 2,886 shares on June 15. Even with the jump, only about 0.1% of the float is sold short.
• The stock has been trading close to flat, opening at $10.88 with a 50-day average of $10.82 and a 200-day average of $10.72. It has a market cap of about $398.9 million and has traded between $10.45 and $11.32 over the past year.
• Analyst sentiment remains weak, with a consensus rating of “Sell.” The company last reported quarterly earnings of $0.04 per share, and recent analyst actions were mixed but still generally cautious.

Churchill Capital Corp IX (NASDAQ:CCIX - Get Free Report) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totaling 29,328 shares, a growth of 916.2% from the June 15th total of 2,886 shares. Based on an average daily volume of 247,168 shares, the short-interest ratio is presently 0.1 days. Approximately 0.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Churchill Capital Corp IX

Hedge funds have recently modified their holdings of the stock. Mercuria Capital Strategies LLC acquired a new position in Churchill Capital Corp IX in the 4th quarter valued at $93,000. Bank of America Corp DE acquired a new stake in shares of Churchill Capital Corp IX in the 1st quarter worth $107,000. FNY Investment Advisers LLC lifted its stake in shares of Churchill Capital Corp IX by 494.1% in the 3rd quarter. FNY Investment Advisers LLC now owns 14,200 shares of the company's stock worth $148,000 after acquiring an additional 11,810 shares during the period. Lineage Point Capital LP acquired a new stake in shares of Churchill Capital Corp IX in the 4th quarter worth $360,000. Finally, Berkley W R Corp boosted its holdings in shares of Churchill Capital Corp IX by 46.2% in the third quarter. Berkley W R Corp now owns 39,976 shares of the company's stock valued at $419,000 after acquiring an additional 12,631 shares in the last quarter.

Churchill Capital Corp IX Price Performance

Shares of CCIX stock opened at $10.88 on Friday. The stock's 50-day moving average price is $10.82 and its 200 day moving average price is $10.72. The stock has a market capitalization of $398.86 million, a PE ratio of 57.27 and a beta of -0.05. Churchill Capital Corp IX has a 52-week low of $10.45 and a 52-week high of $11.32.

Churchill Capital Corp IX (NASDAQ:CCIX - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The company reported $0.04 earnings per share for the quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CCIX. Wall Street Zen raised Churchill Capital Corp IX from a "sell" rating to a "hold" rating in a report on Monday, March 16th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Churchill Capital Corp IX in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of "Sell".

About Churchill Capital Corp IX

Coleman Cable, Inc (Coleman) is a designer, developer, manufacturer and supplier of electrical wire and cable products for consumer, commercial and industrial applications, with operations primarily in the United States and in Honduras and Canada. The Company's wire and cable products enable it to offer its customers a single source for many of their wire and cable product requirements. It manufactures its products in 10 domestic manufacturing locations and supplement its domestic production with both international and domestic sourcing.

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.