Research Alliance Corporation III (NASDAQ:RACC) Sees Significant Drop in Short Interest

Research Alliance Corporation III (NASDAQ:RACC) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 5,260 shares, a decrease of 48.8% from the August 15th total of 10,273 shares. Based on an average trading volume of 36,895 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the shares of the stock are sold short.

Research Alliance Corporation III Trading Down 0.9%

NASDAQ RACC traded down $0.10 during trading hours on Wednesday, hitting $11.10. 38,030 shares of the company’s stock traded hands, compared to its average volume of 154,949. Research Alliance Corporation III has a 52-week low of $10.21 and a 52-week high of $33.50. The company’s 50-day moving average is $17.64.

Research Alliance Corporation III (NASDAQ:RACC) last released its earnings results on Wednesday, August 12th. The company reported $0.01 earnings per share for the quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wall Street Zen raised Research Alliance Corporation III to a “hold” rating in a research note on Saturday, May 30th. Weiss Ratings started coverage on Research Alliance Corporation III in a research report on Friday, August 14th. They set a “sell (e)” rating for the company. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Research Alliance Corporation III currently has a consensus rating of “Sell”.

Research Alliance Corporation III Company Profile

Research Alliance Corporation III is a special purpose acquisition company (SPAC) formed to identify and complete a business combination, such as a merger, stock purchase, asset acquisition, reorganization or similar transaction, with one or more operating businesses.

Unlike an operating company, Research Alliance Corporation III does not manufacture products or provide services directly. Its activities are primarily focused on evaluating potential acquisition targets, conducting due diligence and negotiating a transaction that would allow a private company to become publicly traded.

The company’s public filings provide limited information about its operating history, geographic markets and management beyond its role as an acquisition vehicle.