Shares of Tuscan Holdings Corp. (NASDAQ:THCB) were up 16.2% during trading on Tuesday . The company traded as high as $23.86 and last traded at $20.68. Approximately 15,614,350 shares changed hands during trading, an increase of 312% from the average daily volume of 3,793,301 shares. The stock had previously closed at $17.80.
The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a 50 day simple moving average of $17.58.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Advisor Networks LLC acquired a new position in Tuscan in the fourth quarter valued at $563,000. Alyeska Investment Group L.P. acquired a new position in Tuscan in the fourth quarter valued at $3,676,000. Penserra Capital Management LLC boosted its stake in Tuscan by 680.0% in the fourth quarter. Penserra Capital Management LLC now owns 16,099 shares of the company’s stock valued at $275,000 after acquiring an additional 14,035 shares in the last quarter. LPL Financial LLC acquired a new position in Tuscan in the fourth quarter valued at $691,000. Finally, Trexquant Investment LP acquired a new position in Tuscan in the fourth quarter valued at $229,000. Institutional investors own 72.09% of the company’s stock.
Tuscan Holdings 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 businesses and entities. The company was founded in 2018 and is based in New York, New York.
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