Fortune Rise Acquisition Co. (NASDAQ:FRLA) Short Interest Down 82.9% in October

Fortune Rise Acquisition Co. (NASDAQ:FRLA) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 1,900 shares, a drop of 82.9% from the October 15th total of 11,100 shares. Based on an average daily trading volume, of 15,200 shares, the short-interest ratio is currently 0.1 days. Approximately 0.1% of the company’s stock are sold short.

Insider Activity at Fortune Rise Acquisition

In other news, major shareholder Yakira Capital Management, Inc sold 372,000 shares of Fortune Rise Acquisition stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $11.51, for a total value of $4,281,720.00. Following the completion of the transaction, the insider now owns 175,938 shares of the company’s stock, valued at $2,025,046.38. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. K2 Principal Fund L.P. boosted its holdings in Fortune Rise Acquisition by 266.8% in the first quarter. K2 Principal Fund L.P. now owns 99,999 shares of the company’s stock worth $1,111,000 after purchasing an additional 72,738 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Fortune Rise Acquisition in the 1st quarter worth $251,000. Tuttle Capital Management LLC bought a new stake in shares of Fortune Rise Acquisition in the second quarter worth $1,678,000. Spartan Fund Management Inc. increased its position in Fortune Rise Acquisition by 172.8% during the second quarter. Spartan Fund Management Inc. now owns 85,399 shares of the company’s stock valued at $961,000 after acquiring an additional 54,099 shares during the last quarter. Finally, Wolverine Asset Management LLC lifted its holdings in Fortune Rise Acquisition by 32.1% in the second quarter. Wolverine Asset Management LLC now owns 344,113 shares of the company’s stock valued at $3,871,000 after acquiring an additional 83,626 shares during the period. 52.89% of the stock is owned by institutional investors.

Fortune Rise Acquisition Stock Performance

FRLA traded up $0.01 during trading on Tuesday, hitting $11.12. 2,272 shares of the company’s stock traded hands, compared to its average volume of 29,325. The company’s 50 day simple moving average is $11.38 and its two-hundred day simple moving average is $11.30. Fortune Rise Acquisition has a 12-month low of $10.95 and a 12-month high of $11.87.

About Fortune Rise Acquisition

Fortune Rise Acquisition Corporation 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. The company was incorporated in 2021 and is based in Clearwater, Florida.