Above Food Ingredients Inc. (NASDAQ: ABVE) experienced a significant increase in short interest, surging by 69.0% during December 2023. As of December 15, the total short interest stood at 1,034,283 shares, up from 611,876 shares on November 30. This spike indicates growing bearish sentiment among investors, with 10.5% of the company’s shares currently sold short.
The days-to-cover ratio, which reflects how long it would take to cover all short positions based on the average daily trading volume of 2,041,137 shares, is currently at 0.5 days. Such a ratio suggests a relatively high level of short-selling activity, potentially leading to increased volatility in the stock’s price.
Institutional Investments in Above Food Ingredients
Recent movements from institutional investors also highlight changing dynamics in the company’s shareholder base. Geode Capital Management LLC initiated a new position in Above Food Ingredients during the second quarter, investing approximately $26,000. Pure Financial Advisors LLC significantly increased its holdings by 56.4%, bringing its total to 26,712 shares, valued at about $30,000 after acquiring an additional 9,631 shares in the same period.
Further developments include Fiduciary Alliance LLC, which purchased a new stake valued at around $44,000 in the third quarter. Scotia Capital Inc. also increased its position by 20.3% during the second quarter, now owning 59,938 shares, valued at $67,000 after adding 10,113 shares. Lastly, Millennium Management LLC acquired a new position valued at approximately $88,000 in the third quarter. Currently, institutional investors own 28.79% of the company’s stock.
Current Stock Performance and Company Overview
As of the latest trading session, shares of Above Food Ingredients opened at $1.69, reflecting a 7.4% decline. Over the past year, the stock has seen a low of $0.25 and a high of $6.56. The company maintains a 50-day simple moving average of $2.79 and a 200-day simple moving average of $2.27, indicating fluctuating market performance.
Above Food Ingredients Inc. operates as a regenerative ingredient company, focusing on sustainable supply chain products across various global markets, including Canada, the United States, Mexico, China, France, and Turkey. The company is divided into two segments: Disruptive Agriculture and Rudimentary Ingredients, and Consumer Packaged Goods. The former is involved in the provision of discrete genetics, purchasing, grading, processing, and the sale of regeneratively grown grain, while also focusing on bespoke ingredient products.
As investor sentiment shifts, the implications for Above Food Ingredients could be significant, influencing future trading strategies and market positioning.
