Pelican Acquisition (NASDAQ:PELI) Shares Down 2.9% – Here’s What Happened

Pelican Acquisition Corporation (NASDAQ:PELI) shares were down 2.9% during mid-day trading on Thursday . The company traded as low as $10.50 and last traded at $10.54. Approximately 927,074 shares changed hands during mid-day trading, an increase of 341% from the average daily volume of 210,370 shares. The stock had previously closed at $10.85.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e)” rating on shares of Pelican Acquisition in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Pelican Acquisition currently has an average rating of “Sell”.

Pelican Acquisition Price Performance

The business has a 50 day simple moving average of $10.20.

Pelican Acquisition (NASDAQ:PELI) last announced its quarterly earnings results on Monday, September 15th. The company reported $0.03 EPS for the quarter.

Institutional Investors Weigh In On Pelican Acquisition

Institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC acquired a new position in shares of Pelican Acquisition in the 2nd quarter worth approximately $4,541,000. Mint Tower Capital Management B.V. purchased a new stake in Pelican Acquisition in the second quarter valued at approximately $1,505,000. Magnetar Financial LLC purchased a new stake in Pelican Acquisition in the second quarter valued at approximately $1,951,000. Warberg Asset Management LLC acquired a new position in Pelican Acquisition during the second quarter worth $500,000. Finally, Clear Street LLC purchased a new position in shares of Pelican Acquisition during the second quarter worth $4,295,000.

Pelican Acquisition Company Profile

Pelican Acquisition Corp is a Delaware-based special purpose acquisition company (SPAC) listed on the Nasdaq under the ticker PELI. Founded in 2021, the firm completed its initial public offering in July 2021 and holds its capital in trust pending the completion of a business combination. The company’s charter permits a merger, stock exchange, asset purchase or other similar transactions with one or more operating businesses.

The SPAC is focused on identifying opportunities in technology-driven sectors, including software, cybersecurity, digital infrastructure and related fields.