Eureka Acquisition (NASDAQ:EURK) Shares Climb 0.6% – Still a Buy?

Eureka Acquisition Corp. (NASDAQ:EURK) shares shot up 0.6% on Monday. The stock traded as high as $11.55 and last traded at $11.5740. Approximately 2,270 shares were traded during trading, an increase of 260% from the average daily volume of 630 shares. The stock had previously closed at $11.50.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Eureka Acquisition in a research report on Monday, October 26th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, Eureka Acquisition currently has an average rating of “Sell”.

Eureka Acquisition Stock Up 0.7%

The company’s 50 day moving average is $11.52 and its 200 day moving average is $11.47.

Hedge Funds Weigh In On Eureka Acquisition

A hedge fund recently raised its position in Eureka Acquisition stock. Polar Asset Management Partners Inc. increased its holdings in Eureka Acquisition Corp. (NASDAQ:EURK) by 193.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 167,000 shares of the company’s stock after buying an additional 110,000 shares during the period. Polar Asset Management Partners Inc. owned about 3.46% of Eureka Acquisition worth $1,894,000 as of its most recent filing with the Securities & Exchange Commission.

Eureka Acquisition Company Profile

Eureka Acquisition Corp. is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with one or more operating businesses. Potential transactions may include a merger, share exchange, asset acquisition, reorganization or similar corporate combination.

Unlike an operating company, Eureka Acquisition Corp. does not have a portfolio of commercial products or services and generally conducts limited business activities while it searches for a suitable acquisition target.