Shares of Adara Acquisition Corp. (NASDAQ:ADRA – Get Rating) rose 0.2% on Thursday . The company traded as high as $9.91 and last traded at $9.90. Approximately 414,205 shares were traded during mid-day trading, an increase of 1,371% from the average daily volume of 28,163 shares. The stock had previously closed at $9.88.
The firm’s 50 day simple moving average is $9.88 and its 200-day simple moving average is $9.84.
A number of hedge funds have recently added to or reduced their stakes in the business. Cannon Global Investment Management LLC lifted its stake in Adara Acquisition by 73.9% in the 1st quarter. Cannon Global Investment Management LLC now owns 48,700 shares of the company’s stock worth $481,000 after purchasing an additional 20,700 shares in the last quarter. Berkley W R Corp lifted its position in Adara Acquisition by 14.0% during the first quarter. Berkley W R Corp now owns 161,827 shares of the company’s stock worth $1,599,000 after buying an additional 19,900 shares in the last quarter. Kohlberg Kravis Roberts & Co. L.P. boosted its stake in Adara Acquisition by 7.9% during the first quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 111,649 shares of the company’s stock worth $1,103,000 after buying an additional 8,150 shares during the last quarter. Saba Capital Management L.P. grew its holdings in Adara Acquisition by 22.8% in the 1st quarter. Saba Capital Management L.P. now owns 365,766 shares of the company’s stock valued at $3,614,000 after buying an additional 67,845 shares in the last quarter. Finally, SkyView Investment Advisors LLC acquired a new stake in shares of Adara Acquisition in the 1st quarter worth $1,455,000. Institutional investors own 64.54% of the company’s stock.
Adara Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It focuses on searching for businesses in the consumer products industry and related sectors, including those consumer industry businesses in the health and wellness, e-commerce, discretionary spending, and information technology sectors and related channels of distribution.
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