Tortoise Acquisition Corp. (NYSE: SHLL) Loses 15.37% From High. Why That Could Change?


    Falcon Edge Capital LP recently announced the acquisition of new stake in Tortoise Acquisition Corp. (NYSE:SHLL). This fresh investment now brings its stake to 4.51% valued currently at $20.3 million. In addition, Suvretta Capital Management LLC raised its holdings by 0.89 million to 0.89 million shares. And Polar Asset Management Partners. has lifted its position by 45.45% or 0.25 million shares – to 0.8 million shares.

    With over 27.78 million Tortoise Acquisition Corp. (SHLL) shares trading Monday and a closing price of $40.00 on the day, the dollar volume was approximately $1.11 billion. The shares have shown a positive weekly performance of 45.77% and its price on 08/24/20 gained nearly 33.73%. Currently, there are 29.13M common shares owned by the public and among those 23.06M shares have been available to trade.

    Insiders at the company have transacted a total of 4 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 1,550,000 shares.

    The top 3 mutual fund holders in Tortoise Acquisition Corp. are BNP Paribas Funds – Energy Transi, Pacific Select Fund – Small Cap G, and Highland Fds. I – NexPoint Merger. BNP Paribas Funds – Energy Transi owns 41726.0 shares of the company’s stock, all valued at over $0.81 million. The company bought an additional 41726.0 shares recently to bring their total holdings to about 0.18% of the shares outstanding. Highland Fds. I – NexPoint Merger bought 11296.0 shares to bring its total holdings to over 16896.0 shares at a value of $0.33 million. Highland Fds. I – NexPoint Merger now owns shares totaling to 0.07% of the shares outstanding.

    Shares of Tortoise Acquisition Corp. (NYSE: SHLL) opened at $32.00, up $2.09 from a prior closing price of $29.91. However, the script later closed the day at $40.00, up 33.73%. The company’s stock has a 5-day price change of 45.77% and 302.21% over the past three months. It has a 12-month low price of $9.50 and touched a high of $34.67 over the same period. Currently, 27.78 million shares have been traded, compared to an average intraday trading volume of 4.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 81.95%, 89.13%, and 214.30% respectively.

    Institutional ownership of Tortoise Acquisition Corp. (NYSE: SHLL) shares accounts for 36.60% of the company’s 29.13M shares outstanding. Mutual fund holders own 36.20%, while other institutional holders and individual stakeholders account for 5.59% and 0.39% respectively.

    It has a market capitalization of $1.05B. The earnings-per-share (ttm) stands at -$0.02. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.16% over the week and 8.60% over the month.


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