Merida Merger Corp. I (NASDAQ: MCMJ) was the target of a sharp drop in short-term interest rates during the month of November. As of November 30, there was short interest totaling 180,900 shares, a decrease of 38.8% from the total of 295,400 shares on November 15. Currently 1.5% of the company’s shares are sold short. Based on an average daily trading volume of 697,500 shares, the day-to-coverage ratio is currently 0.3 days.
Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Kohlberg Kravis Roberts & Co. LP has increased its stake in the shares of Merida Merger Corp. I of 100.9% during the 2nd quarter. Kohlberg Kravis Roberts & Co. LP now owns 175,729 shares of the company valued at $ 1,749,000 after acquiring an additional 88,265 shares during the period. Millennium Management LLC bought a new position in shares of Merida Merger Corp. I during the 2nd trimester valued at approximately $ 1,660,000. OTA Financial Group LP bought a new position in shares of Merida Merger Corp. I during the third trimester, valued at approximately $ 297,000. Verition Fund Management LLC has increased its stake in shares of Merida Merger Corp. I of 3.3% during the 3rd quarter. Verition Fund Management LLC now owns 148,691 shares of the company valued at $ 1,485,000 after acquiring an additional 4,759 shares during the period. Finally, Glazer Capital LLC bought a new position in shares of Merida Merger Corp. I during the 3rd trimester valued at approximately $ 2,955,000. 61.84% of the shares are held by hedge funds and other institutional investors.
NASDAQ MCMJ shares traded down $ 0.01 during Friday’s midday session, reaching $ 9.99. 1,772 shares of the company were traded for an average volume of 251,384. Merida Merger Corp. I have a one year minimum of $ 9.75 and a one year maximum of $ 11.27. The company has a fifty-day moving average price of $ 10.12.
In addition, Benchmark has started to hedge the shares of Merida Merger Corp. I in a research report on Thursday, November 11. They set a “buy” rating and a price target of $ 15.00 for the company.
About Merida Merger Corp. I
Merida Merger Corp. I have no important activities. It intends to complete a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more companies or entities of the cannabis industry. The company was incorporated in 2019 and is headquartered in New York, New York.
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