Pelican Acquisition (NASDAQ:PELI) Shares Down 2.9% – Here’s Why

Pelican Acquisition Corporation (NASDAQ:PELI)’s stock price was down 2.9% during trading on Thursday . The stock traded as low as $10.50 and last traded at $10.54. Approximately 927,074 shares traded hands during trading, an increase of 341% from the average daily volume of 210,370 shares. The stock had previously closed at $10.85.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e)” rating on shares of Pelican Acquisition in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Pelican Acquisition Price Performance

The firm has a 50 day moving average of $10.19.

Pelican Acquisition (NASDAQ:PELI) last issued its quarterly earnings results on Monday, September 15th. The company reported $0.03 earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On Pelican Acquisition

Hedge funds and other institutional investors have recently bought and sold shares of the business. Warberg Asset Management LLC acquired a new position in shares of Pelican Acquisition during the 2nd quarter worth $500,000. Wolverine Asset Management LLC purchased a new position in Pelican Acquisition in the second quarter valued at about $4,541,000. Clear Street LLC acquired a new stake in shares of Pelican Acquisition during the 2nd quarter valued at approximately $4,295,000. Berkley W R Corp acquired a new stake in shares of Pelican Acquisition during the 2nd quarter valued at approximately $3,540,000. Finally, Wealthspring Capital LLC purchased a new stake in shares of Pelican Acquisition during the 3rd quarter worth approximately $2,397,000.

About Pelican Acquisition

Pelican Acquisition Corp is a Delaware-based special purpose acquisition company (SPAC) listed on the Nasdaq under the ticker PELI. Founded in 2021, the firm completed its initial public offering in July 2021 and holds its capital in trust pending the completion of a business combination. The company’s charter permits a merger, stock exchange, asset purchase or other similar transactions with one or more operating businesses.

The SPAC is focused on identifying opportunities in technology-driven sectors, including software, cybersecurity, digital infrastructure and related fields.