Legato Merger Corp. (NASDAQ:LEGO) Short Interest Up 44.5% in August

Legato Merger Corp. (NASDAQ:LEGO) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 509,600 shares, an increase of 44.5% from the August 15th total of 352,700 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average trading volume of 412,300 shares, the short-interest ratio is presently 1.2 days.

In other news, major shareholder Mason Capital Management Llc sold 16,400 shares of the firm’s stock in a transaction on Monday, August 16th. The shares were sold at an average price of $11.27, for a total value of $184,828.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders sold 34,650 shares of company stock worth $185,011.

A number of institutional investors have recently added to or reduced their stakes in LEGO. Abrams Bison Investments LLC purchased a new stake in Legato Merger during the 2nd quarter worth $14,028,000. Fir Tree Capital Management LP increased its stake in Legato Merger by 194.1% during the 2nd quarter. Fir Tree Capital Management LP now owns 1,470,360 shares of the company’s stock worth $14,733,000 after buying an additional 970,360 shares during the period. Periscope Capital Inc. purchased a new stake in Legato Merger during the 1st quarter worth $8,448,000. Alberta Investment Management Corp increased its position in shares of Legato Merger by 1,061.3% in the 2nd quarter. Alberta Investment Management Corp now owns 873,994 shares of the company’s stock worth $8,757,000 after purchasing an additional 798,735 shares during the last quarter. Finally, Saba Capital Management L.P. bought a new stake in shares of Legato Merger in the 1st quarter worth about $7,282,000. 61.50% of the stock is currently owned by hedge funds and other institutional investors.

Legato Merger stock opened at $10.45 on Tuesday. Legato Merger has a 12-month low of $9.54 and a 12-month high of $11.81. The business’s fifty day moving average price is $10.80.

Legato Merger Company Profile

Legato Merger Corp. does not have significant operations. It intends to enter into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. The company was founded in 2020 and is based in New York, New York.

Featured Story: What is intrinsic value?

Receive News & Ratings for Legato Merger Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legato Merger and related companies with MarketBeat.com's FREE daily email newsletter.