Above Food Ingredients Inc. (NASDAQ:ABVE) experienced a significant rise in short interest during December 2023. As of December 15, the short interest reached a total of 1,034,283 shares, marking an increase of 69.0% from the previous month’s total of 611,876 shares. The company’s average daily trading volume stands at 2,041,137 shares, resulting in a days-to-cover ratio of 0.5 days. Currently, 10.5% of the company’s shares are sold short, indicating heightened investor speculation.
Institutional investors have recently adjusted their positions in Above Food Ingredients, reflecting increased interest in the stock. Notably, Geode Capital Management LLC acquired a new position valued at approximately $26,000 in the second quarter. Similarly, Pure Financial Advisors LLC boosted its holdings in the company by 56.4% during the same period, bringing their total to 26,712 shares worth $30,000 after purchasing an additional 9,631 shares.
Fiduciary Alliance LLC also entered the market, purchasing new shares valued at about $44,000 in the third quarter. Additionally, Scotia Capital Inc. increased its stake by 20.3% during the second quarter, acquiring 59,938 shares valued at $67,000. Millennium Management LLC rounded out these investments with a new position in the third quarter valued at approximately $88,000. Currently, institutional investors hold 28.79% of the stock.
On December 18, Above Food Ingredients opened at $1.69, reflecting a decline of 7.4%. The company’s stock has fluctuated significantly over the past year, with a low of $0.25 and a high of $6.56. The 50-day simple moving average is $2.79, while the 200-day simple moving average stands at $2.27.
About Above Food Ingredients Inc.
Above Food Ingredients Inc. is a regenerative ingredient company that operates across multiple countries, including Canada, the United States, Mexico, China, France, and Turkey. The company focuses on producing vertically integrated supply chain products through two segments: Disruptive Agriculture and Rudimentary Ingredients, and Consumer Packaged Goods. The Disruptive Agriculture segment specializes in the provision of discrete genetics, along with the origination, purchasing, grading, processing, and sale of regeneratively grown grain, as well as bespoke ingredient products.
As Above Food Ingredients Inc. navigates the complexities of the market, its recent rise in short interest and adjustments by institutional investors provide a snapshot of the company’s current standing and investor sentiment.
