Rainier Acquisition Corp (NASDAQ:RNAQU – Get Free Report) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totaling 512 shares, a decrease of 72.6% from the September 30th total of 1,871 shares. Based on an average daily trading volume, of 3,007 shares, the short-interest ratio is currently 0.2 days.
Analysts Set New Price Targets
Separately, Wall Street Zen raised Rainier Acquisition to a “hold” rating in a research note on Saturday, September 5th.
Check Out Our Latest Analysis on RNAQU
Insider Activity at Rainier Acquisition
In other Rainier Acquisition news, Director Jonas Grossman bought 5,625 shares of Rainier Acquisition stock in a transaction on Wednesday, September 2nd. The stock was bought at an average price of $10.00 per share, with a total value of $56,250.00. Following the completion of the acquisition, the director owned 200,000 shares in the company, valued at $2,000,000. The trade was a 2.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Rainier Acquisition Stock Performance
Shares of Rainier Acquisition stock remained flat at $10.03 during trading hours on Friday. The stock had a trading volume of 559 shares, compared to its average volume of 29,046. Rainier Acquisition has a 52 week low of $10.01 and a 52 week high of $10.38. The firm’s 50-day simple moving average is $10.14.
Rainier Acquisition Company Profile
Rainier Acquisition Corporation was a special purpose acquisition company (SPAC) formed to identify and complete a merger, stock purchase, or similar business combination with an operating company. Its publicly traded units were listed on the Nasdaq under the symbol RNAQU.
As a SPAC, Rainier Acquisition did not have its own operating products or services. Its activities primarily involved raising capital through an initial public offering, placing proceeds into a trust account, and evaluating potential acquisition targets.
The company was incorporated in the United States and was intended to pursue a business combination with an unidentified operating business.
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