Rainier Acquisition Corp (NASDAQ:RNAQU – Get Free Report) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 512 shares, a decrease of 72.6% from the September 30th total of 1,871 shares. Based on an average trading volume of 3,007 shares, the days-to-cover ratio is currently 0.2 days.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen upgraded shares of Rainier Acquisition to a “hold” rating in a report on Saturday, September 5th.
Check Out Our Latest Stock Analysis on RNAQU
Rainier Acquisition Price Performance
Shares of RNAQU remained flat at $10.03 during mid-day trading on Thursday. 559 shares of the stock traded hands, compared to its average volume of 29,046. Rainier Acquisition has a one year low of $10.01 and a one year high of $10.38. The stock’s 50 day moving average is $10.14.
Insiders Place Their Bets
In other news, Director Jonas Grossman purchased 5,625 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was bought at an average price of $10.00 per share, with a total value of $56,250.00. Following the acquisition, the director directly owned 200,000 shares of the company’s stock, valued at approximately $2,000,000. This represents a 2.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Rainier Acquisition Company Profile
Rainier Acquisition Corporation was a special purpose acquisition company (SPAC) formed to identify and complete a merger, stock purchase, or similar business combination with an operating company. Its publicly traded units were listed on the Nasdaq under the symbol RNAQU.
As a SPAC, Rainier Acquisition did not have its own operating products or services. Its activities primarily involved raising capital through an initial public offering, placing proceeds into a trust account, and evaluating potential acquisition targets.
The company was incorporated in the United States and was intended to pursue a business combination with an unidentified operating business.
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