GigCapital3, Inc. (NYSE:GIK) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totalling 2,220,000 shares, a growth of 29.8% from the March 31st total of 1,710,000 shares. Currently, 8.6% of the shares of the stock are short sold. Based on an average trading volume of 1,510,000 shares, the days-to-cover ratio is presently 1.5 days.
NYSE GIK traded up $0.03 during mid-day trading on Tuesday, reaching $8.24. 347,509 shares of the company’s stock traded hands, compared to its average volume of 1,605,102. GigCapital3 has a 1-year low of $7.55 and a 1-year high of $17.36. The firm’s fifty day simple moving average is $10.11.
A number of hedge funds and other institutional investors have recently modified their holdings of GIK. OTA Financial Group L.P. acquired a new stake in GigCapital3 during the 4th quarter valued at approximately $1,334,000. ExodusPoint Capital Management LP acquired a new position in GigCapital3 during the 4th quarter valued at approximately $1,112,000. Engineers Gate Manager LP acquired a new position in GigCapital3 during the 4th quarter valued at approximately $576,000. Paloma Partners Management Co bought a new stake in GigCapital3 during the 4th quarter valued at $267,000. Finally, HighTower Advisors LLC bought a new stake in shares of GigCapital3 in the 4th quarter worth $219,000.
GIK has been the topic of several research reports. Benchmark initiated coverage on GigCapital3 in a report on Thursday, March 18th. They issued a “buy” rating and a $17.00 target price on the stock. Northland Securities started coverage on GigCapital3 in a report on Monday, April 19th. They issued an “outperform” rating and a $15.00 price objective on the stock. Finally, Colliers Securities started coverage on GigCapital3 in a report on Thursday, April 22nd. They set a “buy” rating and a $14.00 target price on the stock.
GigCapital3, Inc does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization, or other similar business combination with one or more businesses. The company was incorporated in 2020 and is based in Palo Alto, California.
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