Motion Acquisition Corp. (NASDAQ:MOTN) Sees Significant Growth in Short Interest

Motion Acquisition Corp. (NASDAQ:MOTN) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 617,900 shares, a growth of 58.6% from the August 15th total of 389,500 shares. Based on an average daily volume of 31,000 shares, the short-interest ratio is currently 19.9 days. Approximately 7.2% of the company’s stock are sold short.

Separately, Northland Securities assumed coverage on shares of Motion Acquisition in a report on Wednesday. They set an “outperform” rating and a $16.00 price target on the stock.

Shares of NASDAQ:MOTN traded down $0.04 during trading on Friday, reaching $9.95. 4,982 shares of the stock traded hands, compared to its average volume of 16,860. The stock has a 50-day moving average of $9.93 and a two-hundred day moving average of $9.93. Motion Acquisition has a 52-week low of $9.77 and a 52-week high of $11.75.

Several large investors have recently bought and sold shares of MOTN. Linden Advisors LP purchased a new stake in shares of Motion Acquisition during the second quarter valued at approximately $10,621,000. Radcliffe Capital Management L.P. purchased a new stake in shares of Motion Acquisition during the first quarter valued at approximately $5,835,000. Arena Capital Advisors LLC CA purchased a new stake in shares of Motion Acquisition during the first quarter valued at approximately $5,157,000. Alyeska Investment Group L.P. purchased a new stake in shares of Motion Acquisition during the first quarter valued at approximately $4,925,000. Finally, Bank of Montreal Can purchased a new stake in Motion Acquisition in the first quarter worth approximately $4,965,000. Hedge funds and other institutional investors own 73.46% of the company’s stock.

Motion Acquisition Company Profile

Motion Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The company intends to focus on the vehicle industry, which includes companies that provide transportation software and cloud solutions for fleet management, freight and logistics, and mobile asset management applications.

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