Mars Acquisition (NASDAQ:MARX) Shares Down 73.5% – Should You Sell?

Shares of Mars Acquisition Corp. (NASDAQ:MARX) dropped 73.5% on Friday . The stock traded as low as $2.19 and last traded at $2.48. Approximately 983,387 shares were traded during trading, an increase of 2,524% from the average daily volume of 37,473 shares. The stock had previously closed at $9.35.

Mars Acquisition Stock Performance

The business has a 50-day moving average price of $9.34 and a 200 day moving average price of $10.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP acquired a new position in Mars Acquisition during the third quarter valued at $276,000. Wolverine Asset Management LLC purchased a new position in Mars Acquisition in the third quarter valued at about $1,378,000. Cowen AND Company LLC increased its position in Mars Acquisition by 13.8% in the 2nd quarter. Cowen AND Company LLC now owns 290,545 shares of the company’s stock worth $3,167,000 after purchasing an additional 35,185 shares during the last quarter. Finally, Berkley W R Corp raised its stake in shares of Mars Acquisition by 17.2% during the 2nd quarter. Berkley W R Corp now owns 338,786 shares of the company’s stock worth $3,693,000 after purchasing an additional 49,690 shares in the last quarter. 74.04% of the stock is currently owned by institutional investors and hedge funds.

About Mars Acquisition

Mars Acquisition Corp. does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses. It intends to focus on opportunities in cryptocurrency and blockchain, automobiles, healthcare, financial technology, cyber security, cleantech, software, Internet and artificial intelligence, specialty manufacturing, and other related technology innovations market.