Short Interest in Keen Vision Acquisition Corporation (NASDAQ:KVAC) Grows By 1,480.3%

Key Points

• Short interest surged 1,480.3% to 2,734 shares as of July 31, up from 173 shares two weeks earlier. Despite the increase, only about 0.3% of KVAC shares are sold short, with a days-to-cover ratio of 0.1.
• KVAC shares were flat at $11.51, near the lower end of their 52-week range of $11.41 to $18.72. The stock’s average analyst rating remains Hold, although Weiss Ratings raised its assessment from “hold (c-)” to “hold (c).”
• Institutional investors and hedge funds own 51.72% of the company, with several investors increasing their positions. Keen Vision Acquisition is a SPAC still seeking a business combination, with IPO proceeds held in a trust account.

Keen Vision Acquisition Corporation (NASDAQ:KVAC - Get Free Report) was the target of a significant growth in short interest in July. As of July 31st, there was short interest totaling 2,734 shares, a growth of 1,480.3% from the July 15th total of 173 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 22,468 shares, the days-to-cover ratio is presently 0.1 days.

Keen Vision Acquisition Price Performance

Keen Vision Acquisition stock remained flat at $11.51 during trading hours on Tuesday. Keen Vision Acquisition has a 52-week low of $11.41 and a 52-week high of $18.72. The firm's fifty day simple moving average is $12.21 and its 200-day simple moving average is $12.11.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Keen Vision Acquisition from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Keen Vision Acquisition currently has an average rating of "Hold".

Institutional Trading of Keen Vision Acquisition

Several large investors have recently made changes to their positions in the company. Meteora Capital LLC acquired a new position in Keen Vision Acquisition during the third quarter valued at approximately $120,000. Clear Street Group Inc. boosted its holdings in shares of Keen Vision Acquisition by 86.6% in the 4th quarter. Clear Street Group Inc. now owns 61,530 shares of the company's stock valued at $723,000 after purchasing an additional 28,553 shares in the last quarter. Crossingbridge Advisors LLC increased its stake in shares of Keen Vision Acquisition by 8.9% in the 4th quarter. Crossingbridge Advisors LLC now owns 71,032 shares of the company's stock valued at $835,000 after purchasing an additional 5,776 shares during the last quarter. Finally, Berkley W R Corp increased its stake in shares of Keen Vision Acquisition by 5.0% in the 4th quarter. Berkley W R Corp now owns 749,372 shares of the company's stock valued at $8,805,000 after purchasing an additional 35,357 shares during the last quarter. Institutional investors and hedge funds own 51.72% of the company's stock.

Keen Vision Acquisition Company Profile

Keen Vision Acquisition Corp is a Delaware‐incorporated special purpose acquisition company (SPAC) that completed its initial public offering in 2021. Trading on the Nasdaq under the ticker KVAC, the company raised capital through the sale of units priced at $10.00 each. Proceeds from the offering are held in a trust account pending the identification and completion of a business combination.

The company's principal business activity is to seek a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.

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