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

Shares of Mars Acquisition Corp. (NASDAQ:MARX) fell 73.5% during trading on Friday . The company traded as low as $2.19 and last traded at $2.48. 983,387 shares were traded during 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’s 50 day moving average is $9.34 and its 200 day moving average is $10.39.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MARX. Quarry LP bought a new position in Mars Acquisition in the 3rd quarter valued at $276,000. Cowen AND Company LLC grew its position in 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 in the last quarter. Berkley W R Corp increased its stake in Mars Acquisition by 17.2% in the 2nd quarter. Berkley W R Corp now owns 338,786 shares of the company’s stock worth $3,693,000 after acquiring an additional 49,690 shares during the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in shares of Mars Acquisition during the 3rd quarter valued at about $1,378,000. Hedge funds and other institutional investors own 74.04% of the company’s stock.

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.