Short Interest in Pelican Acquisition Corporation (NASDAQ:PELI) Increases By 50.7%

Pelican Acquisition Corporation (NASDAQ:PELI) was the target of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 84,463 shares, a growth of 50.7% from the February 26th total of 56,064 shares. Based on an average daily volume of 270,981 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.7% of the shares of the stock are sold short.

Pelican Acquisition Price Performance

PELI remained flat at $8.23 during trading on Friday. The firm’s fifty day simple moving average is $10.17 and its 200-day simple moving average is $10.15. Pelican Acquisition has a 52 week low of $7.52 and a 52 week high of $12.48.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e)” rating on shares of Pelican Acquisition in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Pelican Acquisition

Institutional investors have recently modified their holdings of the business. Toronto Dominion Bank acquired a new stake in shares of Pelican Acquisition during the fourth quarter valued at about $246,000. BNP Paribas Financial Markets bought a new stake in shares of Pelican Acquisition during the third quarter worth about $335,000. Heights Capital Management Inc. acquired a new position in shares of Pelican Acquisition in the third quarter valued at approximately $503,000. Stoic Point Capital Management LLC bought a new position in Pelican Acquisition in the 4th quarter valued at approximately $660,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Pelican Acquisition in the 3rd quarter valued at approximately $855,000.

Pelican Acquisition Company Profile

Pelican Acquisition Corp is a Delaware-based special purpose acquisition company (SPAC) listed on the Nasdaq under the ticker PELI. Founded in 2021, the firm completed its initial public offering in July 2021 and holds its capital in trust pending the completion of a business combination. The company’s charter permits a merger, stock exchange, asset purchase or other similar transactions with one or more operating businesses.

The SPAC is focused on identifying opportunities in technology-driven sectors, including software, cybersecurity, digital infrastructure and related fields.