GP-Act III Acquisition Corp. (NASDAQ:GPAT) Sees Significant Decline in Short Interest

GP-Act III Acquisition Corp. (NASDAQ:GPAT) was the target of a large decline in short interest in May. As of May 15th, there was short interest totaling 856 shares, a decline of 42.9% from the April 30th total of 1,499 shares. Based on an average daily trading volume, of 293,578 shares, the days-to-cover ratio is presently 0.0 days.

Institutional Trading of GP-Act III Acquisition

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Verition Fund Management LLC lifted its position in GP-Act III Acquisition by 0.7% in the fourth quarter. Verition Fund Management LLC now owns 229,124 shares of the company’s stock valued at $2,452,000 after purchasing an additional 1,500 shares during the last quarter. Cannon Global Investment Management LLC increased its stake in shares of GP-Act III Acquisition by 15.2% during the first quarter. Cannon Global Investment Management LLC now owns 16,700 shares of the company’s stock valued at $181,000 after buying an additional 2,200 shares during the period. Longfellow Investment Management Co. LLC purchased a new stake in GP-Act III Acquisition in the third quarter worth $83,000. Bank of America Corp DE purchased a new stake in GP-Act III Acquisition in the third quarter worth $85,000. Finally, Clear Street Group Inc. purchased a new stake in GP-Act III Acquisition in the third quarter worth $109,000.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of GP-Act III Acquisition in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, GP-Act III Acquisition currently has a consensus rating of “Sell”.

GP-Act III Acquisition Stock Performance

NASDAQ:GPAT traded down $0.07 during mid-day trading on Tuesday, reaching $10.83. The stock had a trading volume of 135 shares, compared to its average volume of 141,422. The firm has a 50 day moving average price of $10.85 and a two-hundred day moving average price of $10.77. GP-Act III Acquisition has a one year low of $10.42 and a one year high of $11.21.

GP-Act III Acquisition (NASDAQ:GPAT) last released its earnings results on Thursday, May 14th. The company reported $0.06 earnings per share for the quarter.

GP-Act III Acquisition Company Profile

GP-Act III Acquisition Corp is a special purpose acquisition company organized as a Delaware corporation that completed its initial public offering in 2021. As a blank-check company, it has no commercial operations of its own and was formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

The company’s primary business activity is to identify and acquire a target company in sectors such as technology, business services, healthcare or other high-growth industries.