Short Interest in Fortune Rise Acquisition Co. (NASDAQ:FRLA) Grows By 111.4%

Posted by Patrick Bannon on Jul 28th, 2024

Fortune Rise Acquisition Co. (NASDAQ:FRLA – Get Free Report) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 7,400 shares, an increase of 111.4% from the June 30th total of 3,500 shares. Currently, 0.2% of the company’s shares are short sold. Based on an average daily trading volume, of 22,900 shares, the short-interest ratio is currently 0.3 days.

Fortune Rise Acquisition Price Performance

NASDAQ FRLA remained flat at $11.26 during trading hours on Friday. 44 shares of the company’s stock were exchanged, compared to its average volume of 6,269. The firm has a fifty day moving average price of $11.27 and a 200-day moving average price of $11.18. Fortune Rise Acquisition has a 52 week low of $10.76 and a 52 week high of $11.40.

Hedge Funds Weigh In On Fortune Rise Acquisition

Several large investors have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new stake in Fortune Rise Acquisition in the first quarter valued at approximately $251,000. Spartan Fund Management Inc. purchased a new stake in shares of Fortune Rise Acquisition in the 4th quarter valued at $343,000. K2 Principal Fund L.P. lifted its stake in Fortune Rise Acquisition by 266.8% during the 1st quarter. K2 Principal Fund L.P. now owns 99,999 shares of the company’s stock worth $1,111,000 after acquiring an additional 72,738 shares in the last quarter. Clear Street LLC boosted its holdings in Fortune Rise Acquisition by 2.6% during the 4th quarter. Clear Street LLC now owns 129,550 shares of the company’s stock valued at $1,420,000 after acquiring an additional 3,323 shares during the period. Finally, Quarry LP acquired a new position in Fortune Rise Acquisition in the 4th quarter valued at about $1,646,000. 52.89% of the stock is currently owned by institutional investors and hedge funds.

About Fortune Rise Acquisition

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Fortune Rise Acquisition Corporation does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2021 and is based in Clearwater, Florida.