Canna-Global Acquisition (NASDAQ:CNGL) Trading Down 7.2% – Time to Sell?

Shares of Canna-Global Acquisition Corp (NASDAQ:CNGL) traded down 7.2% on Wednesday . The stock traded as low as $10.21 and last traded at $10.21. 190 shares changed hands during trading, a decline of 100% from the average session volume of 76,616 shares. The stock had previously closed at $11.00.

Canna-Global Acquisition Price Performance

The stock’s 50-day moving average is $10.77 and its 200 day moving average is $10.84.

Institutional Investors Weigh In On Canna-Global Acquisition

A number of institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in shares of Canna-Global Acquisition in the second quarter valued at approximately $261,000. K2 Principal Fund L.P. purchased a new position in Canna-Global Acquisition in the second quarter valued at approximately $341,000. Finally, Clear Street LLC lifted its stake in shares of Canna-Global Acquisition by 553.7% during the second quarter. Clear Street LLC now owns 150,000 shares of the company’s stock worth $1,565,000 after purchasing an additional 127,053 shares in the last quarter. Hedge funds and other institutional investors own 19.55% of the company’s stock.

Canna-Global Acquisition Company Profile

Canna-Global Acquisition Corp. does not have significant operations. The company intends to acquire and engage in a share exchange, share reconstruction, and amalgamation with one or more businesses or entities. It intends to focus its search of target business in the cannabis industry. The company was incorporated in 2021 and is based in Marina Del Rey, California.