Galileo Acquisition Corp. (NYSE:GLEO) Sees Large Drop in Short Interest

Galileo Acquisition Corp. (NYSE:GLEO) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 49,800 shares, a drop of 67.9% from the August 15th total of 155,200 shares. Based on an average trading volume of 71,100 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.4% of the company’s shares are short sold.

Several large investors have recently made changes to their positions in GLEO. Banque Cantonale Vaudoise purchased a new position in shares of Galileo Acquisition during the second quarter valued at approximately $30,000. OLD Mission Capital LLC purchased a new position in shares of Galileo Acquisition during the second quarter valued at approximately $111,000. Texas Yale Capital Corp. purchased a new position in shares of Galileo Acquisition during the second quarter valued at approximately $200,000. Centiva Capital LP purchased a new position in shares of Galileo Acquisition during the first quarter valued at approximately $200,000. Finally, Kohlberg Kravis Roberts & Co. L.P. purchased a new position in shares of Galileo Acquisition during the first quarter valued at approximately $237,000. 58.23% of the stock is currently owned by institutional investors.

GLEO stock remained flat at $$10.08 during mid-day trading on Friday. The company’s stock had a trading volume of 53,665 shares, compared to its average volume of 111,114. The business’s 50 day moving average price is $10.03 and its 200 day moving average price is $10.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.22 and a current ratio of 0.22. Galileo Acquisition has a 1-year low of $9.79 and a 1-year high of $10.55.

Separately, Lake Street Capital began coverage on Galileo Acquisition in a research report on Wednesday, July 28th. They set a “buy” rating and a $14.00 price objective for the company.

Galileo Acquisition Company Profile

Galileo Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. It intends to focus on companies operating in the consumer, retail, food and beverage, fashion and luxury, specialty industrial, technology or healthcare sectors.

Further Reading: Death Cross

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