Melar Acquisition Corp. I (NASDAQ:MACI – Get Free Report) shares dropped 0.1% during trading on Wednesday. The company traded as low as $11.08 and last traded at $11.0360. 50,018 shares traded hands during trading, an increase of 1,369% from the average daily volume of 3,404 shares. The stock had previously closed at $11.05.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings raised shares of Melar Acquisition Corp. I from a “sell (d)” rating to a “hold (c-)” rating in a report on Friday, September 25th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.
Check Out Our Latest Stock Report on Melar Acquisition Corp. I
Melar Acquisition Corp. I Stock Down 0.3%
The business has a 50 day simple moving average of $11.01 and a two-hundred day simple moving average of $10.92.
Melar Acquisition Corp. I (NASDAQ:MACI – Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.04 earnings per share (EPS) for the quarter.
Hedge Funds Weigh In On Melar Acquisition Corp. I
A hedge fund recently raised its stake in Melar Acquisition Corp. I stock. Berkley W R Corp raised its holdings in shares of Melar Acquisition Corp. I (NASDAQ:MACI – Free Report) by 15.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 998,963 shares of the company’s stock after acquiring an additional 130,474 shares during the period. Berkley W R Corp owned about 4.62% of Melar Acquisition Corp. I worth $10,759,000 at the end of the most recent reporting period.
Melar Acquisition Corp. I Company Profile
Melar Acquisition Corp. I (NASDAQ: MACI) is a special purpose acquisition company (SPAC), also known as a blank-check company. It was formed to pursue a business combination, such as a merger, stock exchange, asset acquisition, reorganization or similar transaction with one or more operating businesses.
Unlike an operating company, Melar Acquisition Corp. I does not manufacture products or provide services to customers. Its activities primarily involve identifying and evaluating potential target businesses and negotiating a transaction intended to create a publicly traded operating company.
The company has not publicly identified a completed business combination or an operating target in the information available here.
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