Stable Road Acquisition Corp. (NASDAQ:SRAC)’s share price was down 8.3% during mid-day trading on Tuesday . The company traded as low as $18.05 and last traded at $21.11. Approximately 1,866,796 shares changed hands during trading, an increase of 49% from the average daily volume of 1,256,980 shares. The stock had previously closed at $23.02.
The firm has a fifty day moving average of $22.13.
Institutional investors and hedge funds have recently modified their holdings of the stock. Picton Mahoney Asset Management bought a new position in Stable Road Acquisition during the 3rd quarter valued at $7,559,000. Karpus Management Inc. lifted its stake in Stable Road Acquisition by 9.0% during the 3rd quarter. Karpus Management Inc. now owns 163,465 shares of the company’s stock valued at $1,648,000 after acquiring an additional 13,515 shares in the last quarter. Vivaldi Capital Management LLC purchased a new stake in shares of Stable Road Acquisition during the 3rd quarter valued at $405,000. Saba Capital Management L.P. purchased a new stake in shares of Stable Road Acquisition during the 3rd quarter valued at $757,000. Finally, Context Capital Management LLC purchased a new stake in shares of Stable Road Acquisition during the 3rd quarter valued at $504,000. Institutional investors own 79.22% of the company’s stock.
Stable Road Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses in the cannabis industry. The company was founded in 2019 and is based in Venice, California.
Further Reading: Conference Calls and Individual Investors
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