Mars Acquisition (NASDAQ:MARX) Trading Down 73.5% – Time to Sell?

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

Mars Acquisition Stock Performance

The stock has a fifty day moving average price of $9.34 and a 200 day moving average price of $10.39.

Institutional Investors Weigh In On Mars Acquisition

Hedge funds have recently bought and sold shares of the company. Quarry LP bought a new position in shares of Mars Acquisition in the third quarter worth about $276,000. Wolverine Asset Management LLC bought a new position in Mars Acquisition in the 3rd quarter worth approximately $1,378,000. Cowen AND Company LLC lifted its holdings in shares of Mars Acquisition by 13.8% during the second quarter. Cowen AND Company LLC now owns 290,545 shares of the company’s stock worth $3,167,000 after buying an additional 35,185 shares during the last quarter. Finally, Berkley W R Corp boosted its position in shares of Mars Acquisition by 17.2% in the second quarter. Berkley W R Corp now owns 338,786 shares of the company’s stock valued at $3,693,000 after acquiring an additional 49,690 shares during the period. 74.04% of the stock is currently owned by institutional investors.

Mars Acquisition Company Profile

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.