GigCapital7 Corp. (NASDAQ:GIG) Short Interest Up 102.3% in May

GigCapital7 Corp. (NASDAQ:GIG) saw a large growth in short interest in May. As of May 15th, there was short interest totaling 289,621 shares, a growth of 102.3% from the April 30th total of 143,198 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily volume of 216,138 shares, the short-interest ratio is currently 1.3 days.

GigCapital7 Trading Down 3.0%

GIG traded down $0.16 on Monday, hitting $5.01. The company had a trading volume of 142,663 shares, compared to its average volume of 158,250. The firm has a market cap of $166.82 million, a P/E ratio of 62.57 and a beta of 0.04. The company’s fifty day moving average price is $8.69 and its 200 day moving average price is $9.90. GigCapital7 has a 1 year low of $4.17 and a 1 year high of $12.50.

GigCapital7 (NASDAQ:GIG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.02 earnings per share for the quarter.

Hedge Funds Weigh In On GigCapital7

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Radcliffe Capital Management L.P. purchased a new stake in GigCapital7 during the second quarter worth about $163,000. Cantor Fitzgerald L. P. purchased a new stake in shares of GigCapital7 during the 4th quarter worth approximately $264,000. Readystate Asset Management LP acquired a new stake in shares of GigCapital7 in the 4th quarter worth approximately $318,000. Moore Capital Management LP purchased a new position in GigCapital7 in the 3rd quarter valued at approximately $528,000. Finally, DLD Asset Management LP purchased a new stake in GigCapital7 during the first quarter worth $541,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of GigCapital7 from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

GigCapital7 Company Profile

GigCapital7, Inc (NASDAQ: GIG) is a special purpose acquisition company incorporated in Delaware in 2021. As a blank check corporation, it was formed solely to effect a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company completed its initial public offering in March 2021.

GigCapital7 has not generated revenue from operations and currently holds its offering proceeds in trust while it evaluates potential targets.