Above Food Ingredients Inc. (NASDAQ:ABVE) experienced a significant rise in short interest in December 2023. As of December 15, the total short interest reached 1,034,283 shares, marking a substantial increase of 69.0% compared to the 611,876 shares reported on November 30. This surge indicates growing bearish sentiment among investors regarding the company’s stock performance.
With an average daily trading volume of 2,041,137 shares, the days-to-cover ratio stands at 0.5 days. Currently, short positions account for 10.5% of the company’s total shares, reflecting notable investor activity.
Institutional Investors Adjust Positions
Recent changes among institutional investors further highlight the evolving landscape for Above Food Ingredients. Geode Capital Management LLC established a new position in the company during the second quarter, investing approximately $26,000. Meanwhile, Pure Financial Advisors LLC increased its stake by 56.4%, bringing its total holdings to 26,712 shares, valued at around $30,000 after acquiring an additional 9,631 shares.
Fiduciary Alliance LLC also entered the market, purchasing a new position valued at about $44,000 in the third quarter. Scotia Capital Inc. expanded its holdings by 20.3%, now owning 59,938 shares worth approximately $67,000 following the acquisition of an additional 10,113 shares. Additionally, Millennium Management LLC made a new investment in the company during the third quarter, amounting to roughly $88,000. Overall, institutional investors now hold 28.79% of Above Food Ingredients’ stock.
Stock Performance Overview
On December 18, shares of Above Food Ingredients opened at $1.69. The stock has seen considerable volatility over the past year, with a low of $0.25 and a high of $6.56. Currently, the company’s 50-day simple moving average stands at $2.79, while the 200-day simple moving average is at $2.27.
About Above Food Ingredients Inc.
Above Food Ingredients Inc. operates as a regenerative ingredient company, providing a vertically integrated supply chain for its products across various countries, including Canada, the United States, Mexico, China, France, and Turkey. The company operates through two main segments: Disruptive Agriculture and Rudimentary Ingredients, and Consumer Packaged Goods. The former focuses on the provision of discrete genetics, origination, and sale of regeneratively grown grain, alongside bespoke ingredients.
As investor interest grows and positions shift, the developments surrounding Above Food Ingredients will be closely monitored by market analysts and stakeholders alike. The ongoing changes reflect a dynamic environment in the food ingredients sector, where both institutional strategies and market sentiment play critical roles.
