Trident Acquisitions (NASDAQ:TDAC) Stock Price Down 11.7%

Trident Acquisitions Corp. (NASDAQ:TDAC)’s share price fell 11.7% during trading on Tuesday . The stock traded as low as $11.61 and last traded at $13.11. 1,515,069 shares changed hands during trading, an increase of 150% from the average session volume of 606,091 shares. The stock had previously closed at $14.85.

The firm has a market cap of $156.90 million, a P/E ratio of -120.08 and a beta of 0.07. The company has a 50-day moving average of $13.06 and a 200 day moving average of $11.69.

In related news, major shareholder Glazer Capital, Llc sold 723,775 shares of the firm’s stock in a transaction that occurred on Tuesday, December 1st. The stock was sold at an average price of $12.67, for a total transaction of $9,170,229.25. 29.40% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. First Heartland Consultants Inc. bought a new position in Trident Acquisitions in the 4th quarter valued at $130,000. FNY Investment Advisers LLC bought a new position in Trident Acquisitions in the 4th quarter valued at $75,000. Glazer Capital LLC raised its position in Trident Acquisitions by 353.9% in the 3rd quarter. Glazer Capital LLC now owns 1,620,609 shares of the company’s stock valued at $17,705,000 after purchasing an additional 1,263,567 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Trident Acquisitions in the 4th quarter valued at $30,000. Finally, Squarepoint Ops LLC bought a new position in Trident Acquisitions in the 4th quarter valued at $169,000. Institutional investors and hedge funds own 47.85% of the company’s stock.

About Trident Acquisitions (NASDAQ:TDAC)

Trident Acquisitions Corp. does not have significant operations. It intends to enter into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses primarily in the oil and gas or other natural resource sector.

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