Stable Road Acquisition (NASDAQ:SRAC) Shares Up 6.7%
Stable Road Acquisition Corp. (NASDAQ:SRAC) shot up 6.7% during mid-day trading on Wednesday . The company traded as high as $18.06 and last traded at $17.07. 1,312,212 shares changed hands during trading, an increase of 18% from the average session volume of 1,116,689 shares. The stock had previously closed at $16.00.
The business’s fifty day simple moving average is $16.08.
Institutional investors and hedge funds have recently bought and sold shares of the business. Picton Mahoney Asset Management purchased a new stake in shares of Stable Road Acquisition in the 3rd quarter worth about $7,559,000. Karpus Management Inc. boosted its stake in shares of Stable Road Acquisition by 9.0% during the 3rd quarter. Karpus Management Inc. now owns 163,465 shares of the company’s stock valued at $1,648,000 after buying an additional 13,515 shares during the last quarter. Vivaldi Capital Management LLC purchased a new position in shares of Stable Road Acquisition during the 3rd quarter valued at approximately $405,000. Saba Capital Management L.P. purchased a new position in shares of Stable Road Acquisition during the 3rd quarter valued at approximately $757,000. Finally, Context Capital Management LLC purchased a new position in shares of Stable Road Acquisition during the 3rd quarter valued at approximately $504,000. 78.17% of the stock is currently owned by institutional investors and hedge funds.
Stable Road Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses in the cannabis industry. The company was founded in 2019 and is based in Venice, California.
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