GigCapital7 Corp. (NASDAQ:GIG) Sees Significant Drop in Short Interest

GigCapital7 Corp. (NASDAQ:GIG) was the target of a significant drop in short interest in February. As of February 13th, there was short interest totaling 20,932 shares, a drop of 43.7% from the January 29th total of 37,157 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily volume of 299,969 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 299,969 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.1% of the shares of the stock are sold short.

Institutional Investors Weigh In On GigCapital7

A number of hedge funds have recently made changes to their positions in GIG. Wolverine Asset Management LLC grew its holdings in shares of GigCapital7 by 4.0% during the 2nd quarter. Wolverine Asset Management LLC now owns 586,705 shares of the company’s stock valued at $6,090,000 after purchasing an additional 22,729 shares during the last quarter. Wealthspring Capital LLC purchased a new stake in GigCapital7 during the second quarter valued at about $832,000. TENOR CAPITAL MANAGEMENT Co. L.P. bought a new position in shares of GigCapital7 during the second quarter valued at about $5,270,000. Radcliffe Capital Management L.P. bought a new position in shares of GigCapital7 during the second quarter valued at about $163,000. Finally, Moore Capital Management LP purchased a new position in shares of GigCapital7 in the third quarter worth about $528,000.

GigCapital7 Stock Performance

Shares of GigCapital7 stock remained flat at $10.60 during trading on Friday. The stock had a trading volume of 115,340 shares, compared to its average volume of 219,662. The business has a 50 day simple moving average of $10.56 and a two-hundred day simple moving average of $10.57. The company has a market capitalization of $353.30 million, a PE ratio of 117.78 and a beta of 0.05. GigCapital7 has a 12-month low of $10.08 and a 12-month high of $12.50.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of GigCapital7 in a research note on Friday, January 9th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

GigCapital7 Company Profile

GigCapital7, Inc (NASDAQ: GIG) is a special purpose acquisition company incorporated in Delaware in 2021. As a blank check corporation, it was formed solely to effect a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company completed its initial public offering in March 2021.

GigCapital7 has not generated revenue from operations and currently holds its offering proceeds in trust while it evaluates potential targets.