FutureTech II Acquisition (NASDAQ:FTII) Shares Down 6.5% – Here’s Why

FutureTech II Acquisition Corp. (NASDAQ:FTII)’s share price fell 6.5% during trading on Friday . The company traded as low as $11.02 and last traded at $11.02. 1,442 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 13,623 shares. The stock had previously closed at $11.79.

FutureTech II Acquisition Price Performance

The stock has a 50 day simple moving average of $11.48 and a 200 day simple moving average of $11.28.

Hedge Funds Weigh In On FutureTech II Acquisition

A number of large investors have recently bought and sold shares of the stock. K2 Principal Fund L.P. increased its stake in FutureTech II Acquisition by 110.6% in the 4th quarter. K2 Principal Fund L.P. now owns 105,296 shares of the company’s stock worth $1,289,000 after purchasing an additional 55,296 shares during the period. Virtu Financial LLC increased its stake in FutureTech II Acquisition by 41.9% in the 3rd quarter. Virtu Financial LLC now owns 35,356 shares of the company’s stock worth $396,000 after purchasing an additional 10,438 shares during the period. Finally, Berkley W R Corp increased its stake in FutureTech II Acquisition by 100.5% in the 3rd quarter. Berkley W R Corp now owns 99,739 shares of the company’s stock worth $1,098,000 after purchasing an additional 50,000 shares during the period. 65.83% of the stock is owned by hedge funds and other institutional investors.

FutureTech II Acquisition Company Profile

FutureTech II Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It intends to acquire and manage a business in the technology industry.