Galileo Acquisition Corp. (NYSE:GLEO) Sees Significant Decline in Short Interest

Galileo Acquisition Corp. (NYSE:GLEO) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 49,800 shares, a decrease of 67.9% from the August 15th total of 155,200 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average trading volume of 71,100 shares, the days-to-cover ratio is currently 0.7 days.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Banque Cantonale Vaudoise acquired a new stake in shares of Galileo Acquisition during the 2nd quarter worth approximately $30,000. OLD Mission Capital LLC acquired a new stake in shares of Galileo Acquisition during the 2nd quarter worth approximately $111,000. Texas Yale Capital Corp. bought a new position in Galileo Acquisition in the 2nd quarter valued at approximately $200,000. Centiva Capital LP bought a new position in Galileo Acquisition in the 1st quarter valued at approximately $200,000. Finally, Kohlberg Kravis Roberts & Co. L.P. bought a new position in Galileo Acquisition in the 1st quarter valued at approximately $237,000. Institutional investors and hedge funds own 58.23% of the company’s stock.

Shares of NYSE:GLEO opened at $10.08 on Wednesday. The company’s 50 day moving average price is $10.03 and its two-hundred day moving average price is $10.03. Galileo Acquisition has a 12-month low of $9.79 and a 12-month high of $10.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.22 and a current ratio of 0.22.

Separately, Lake Street Capital initiated coverage on shares of Galileo Acquisition in a research report on Wednesday, July 28th. They set a “buy” rating and a $14.00 target price on the stock.

About Galileo Acquisition

Galileo Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. It intends to focus on companies operating in the consumer, retail, food and beverage, fashion and luxury, specialty industrial, technology or healthcare sectors.

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