Short Interest in GigInternational1, Inc. (NASDAQ:GIW) Grows By 595.2%

GigInternational1, Inc. (NASDAQ:GIW) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 6,076 shares, an increase of 595.2% from the April 30th total of 874 shares. Based on an average trading volume of 32,177 shares, the short-interest ratio is currently 0.2 days. Currently, 0.0% of the shares of the company are short sold.

GigInternational1 Price Performance

GIW stock remained flat at $10.06 during midday trading on Thursday. 497 shares of the company’s stock were exchanged, compared to its average volume of 66,805. The stock’s 50 day simple moving average is $10.01 and its 200-day simple moving average is $9.96. GigInternational1 has a 1 year low of $9.87 and a 1 year high of $10.06.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of GigInternational1 from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, GigInternational1 presently has an average rating of “Sell”.

Hedge Funds Weigh In On GigInternational1

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GIW. Glazer Capital LLC bought a new position in GigInternational1 during the fourth quarter worth $21,514,000. AQR Arbitrage LLC bought a new position in GigInternational1 during the fourth quarter worth $16,761,000. TENOR CAPITAL MANAGEMENT Co. L.P. bought a new position in GigInternational1 during the fourth quarter worth $14,835,000. Berkley W R Corp bought a new position in GigInternational1 during the fourth quarter worth $12,753,000. Finally, Westchester Capital Management LLC bought a new position in GigInternational1 during the fourth quarter worth $10,681,000. 14.01% of the stock is owned by institutional investors.

About GigInternational1

GigInternational1, Inc, does not have significant operations. The company focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. It intends to focus its search on companies in the technology, media, telecommunications, aerospace and defense, and mobility and semiconductor industries. The company was incorporated in 2021 and is based in Palo Alto, California.