Pyrophyte Acquisition Corp. II (NYSE:PAII) Stock Price Down 0.3% – Here’s Why

Shares of Pyrophyte Acquisition Corp. II (NYSE:PAII) were down 0.3% during mid-day trading on Tuesday . The company traded as low as $10.06 and last traded at $10.0750. Approximately 24,770 shares traded hands during trading, a decline of 48% from the average daily volume of 47,803 shares. The stock had previously closed at $10.11.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PAII. Wall Street Zen upgraded Pyrophyte Acquisition Corp. II to a “hold” rating in a report on Saturday, September 20th. Weiss Ratings restated a “sell (e)” rating on shares of Pyrophyte Acquisition Corp. II in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Pyrophyte Acquisition Corp. II Trading Down 0.3%

The business has a 50-day moving average price of $10.02.

Institutional Investors Weigh In On Pyrophyte Acquisition Corp. II

A number of institutional investors and hedge funds have recently modified their holdings of the business. Two Sigma Investments LP purchased a new position in Pyrophyte Acquisition Corp. II during the 3rd quarter valued at $6,816,000. First Trust Capital Management L.P. purchased a new stake in Pyrophyte Acquisition Corp. II in the third quarter worth $2,490,000. Cantor Fitzgerald L. P. bought a new stake in shares of Pyrophyte Acquisition Corp. II during the third quarter worth $726,000. Finally, Deltec Asset Management LLC purchased a new stake in shares of Pyrophyte Acquisition Corp. II during the third quarter valued at $100,000.

About Pyrophyte Acquisition Corp. II

FTAC Parnassus Acquisition II Ltd is a special purpose acquisition company (“SPAC”) formed as an exempted Cayman Islands company and listed on the New York Stock Exchange under the ticker PAII. Like other blank check companies, its principal business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more operating businesses. Since its initial public offering in early 2021, FTAC Parnassus Acquisition II has held its proceeds in trust pending the identification of a suitable target.

The company is sponsored by FTAC Management LLC in collaboration with Parnassus Investments, a San Francisco–based asset manager known for its long‐term, sustainable‐value approach.