Bluemount Holdings Limited (NASDAQ:BMHL) experienced a significant rise in short interest during January 2024. As of January 15, the total short interest reached 2,218 shares, marking an impressive increase of 91.9% compared to the December 31 total of 1,156 shares. Currently, approximately 0.0% of the company’s shares are sold short. Given the average daily trading volume of 5,018 shares, the days-to-cover ratio stands at 0.4 days.
Institutional Investment Activity
Institutional investors are taking notice of Bluemount as well. Recently, Citadel Advisors LLC established a new position in the company, acquiring 58,467 shares valued at approximately $202,000. According to the latest Form 13F filing with the Securities and Exchange Commission (SEC), Citadel Advisors owned about 0.23% of Bluemount at the end of the most recent reporting period.
Investment analysts have shown a cautious approach towards Bluemount. On December 29, 2023, Weiss Ratings reiterated a “sell (e-)” rating for the stock. Currently, one equities research analyst has rated Bluemount with a Sell rating. According to data from MarketBeat.com, the average rating for Bluemount remains at “Sell.”
Stock Performance Overview
On January 19, 2024, BMHL stock rose by 1.4%, reaching $3.60 during midday trading. A total of 16,421 shares changed hands, significantly above its average volume of 3,560 shares. The stock has experienced fluctuations over the past year, with a 52-week low of $2.72 and a high of $4.49. Bluemount’s fifty-day moving average stands at $3.56.
Bluemount Holdings is categorized as a special purpose acquisition company (SPAC) and operates as a Cayman Islands exempted company. The firm is listed on the Nasdaq Stock Market under the ticker symbol BMHL. Bluemount functions as a blank check company, primarily focused on raising capital through its initial public offering. The obtained funds are held in a trust account until the company identifies and completes a business combination with one or more target firms.
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