Legato Merger Corp. (NYSEAMERICAN:LEGO – Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 206,594 shares, a growth of 6,946.2% from the August 31st total of 2,932 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily volume of 59,360 shares, the short-interest ratio is currently 3.5 days.
Legato Merger Stock Performance
Legato Merger stock remained flat at $10.00 during mid-day trading on Thursday. 269,017 shares of the company traded hands, compared to its average volume of 53,467. The company has a 50 day moving average of $9.98 and a 200 day moving average of $9.99. Legato Merger has a one year low of $9.80 and a one year high of $10.00.
Institutional Investors Weigh In On Legato Merger
A hedge fund recently bought a new stake in Legato Merger stock. Lineage Point Capital LP purchased a new stake in shares of Legato Merger Corp. (NYSEAMERICAN:LEGO – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 225,000 shares of the company’s stock, valued at approximately $2,048,000. Lineage Point Capital LP owned about 0.72% of Legato Merger at the end of the most recent quarter.
Legato Merger Company Profile
Legato Merger Corp. is a special purpose acquisition company (SPAC) formed to identify and complete a merger, share exchange, asset acquisition, stock purchase, recapitalization, or similar business combination with one or more operating companies. Unlike an operating company, Legato Merger does not conduct a substantial commercial business of its own and does not manufacture products or provide services to customers.
The company’s activities are primarily focused on evaluating potential merger candidates, negotiating transaction terms, and completing a qualifying business combination.
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