Logistics Innovation Technologies Corp. (NASDAQ:LITT – Get Rating) saw a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 2,800 shares, a decline of 33.3% from the April 30th total of 4,200 shares. Based on an average trading volume of 38,000 shares, the days-to-cover ratio is currently 0.1 days.
Several hedge funds have recently added to or reduced their stakes in the company. UBS Group AG increased its holdings in Logistics Innovation Technologies by 189.3% in the first quarter. UBS Group AG now owns 2,598 shares of the company’s stock valued at $25,000 after purchasing an additional 1,700 shares during the last quarter. Basso Capital Management L.P. bought a new stake in Logistics Innovation Technologies in the first quarter valued at about $63,000. Corbyn Investment Management Inc. MD bought a new stake in Logistics Innovation Technologies in the first quarter valued at about $163,000. Mercer Global Advisors Inc. ADV bought a new stake in Logistics Innovation Technologies in the fourth quarter valued at about $224,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Logistics Innovation Technologies in the fourth quarter valued at about $867,000. Institutional investors own 72.39% of the company’s stock.
Shares of LITT stock traded up $0.03 on Friday, reaching $9.71. 822,451 shares of the stock were exchanged, compared to its average volume of 41,295. Logistics Innovation Technologies has a one year low of $9.33 and a one year high of $9.85. The stock has a 50 day moving average price of $9.73 and a 200 day moving average price of $9.71.
About Logistics Innovation Technologies (Get Rating)
Logistics Innovation Technologies Corp. does not have significant operations. The company focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It intends to acquire businesses serving the senior market or capable of being repositioned to do so.
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