Northland Securities began coverage on shares of Motion Acquisition (NASDAQ:MOTN) in a research note issued on Wednesday, Briefing.com reports. The brokerage set an “outperform” rating and a $16.00 price target on the stock. Northland Securities’ price target would suggest a potential upside of 60.80% from the stock’s current price.
Shares of MOTN stock opened at $9.95 on Wednesday. Motion Acquisition has a 12-month low of $9.77 and a 12-month high of $11.75. The firm has a fifty day moving average of $9.93 and a 200-day moving average of $9.93.
A number of hedge funds and other institutional investors have recently made changes to their positions in MOTN. OMERS ADMINISTRATION Corp bought a new stake in Motion Acquisition during the 1st quarter worth about $101,000. Landscape Capital Management L.L.C. bought a new stake in shares of Motion Acquisition in the 1st quarter valued at about $356,000. Walleye Trading LLC raised its holdings in shares of Motion Acquisition by 17.9% in the 2nd quarter. Walleye Trading LLC now owns 53,453 shares of the company’s stock valued at $531,000 after purchasing an additional 8,100 shares during the period. Jane Street Group LLC bought a new stake in shares of Motion Acquisition in the 1st quarter valued at about $658,000. Finally, Walleye Capital LLC raised its holdings in shares of Motion Acquisition by 18.1% in the 2nd quarter. Walleye Capital LLC now owns 80,329 shares of the company’s stock valued at $798,000 after purchasing an additional 12,300 shares during the period. 73.46% of the stock is owned by hedge funds and other institutional investors.
Motion Acquisition Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The company intends to focus on the vehicle industry, which includes companies that provide transportation software and cloud solutions for fleet management, freight and logistics, and mobile asset management applications.
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