Shares of Applied UV (NASDAQ:AUVI) are surging higher by more than 50% following the company’s announcement that it had hired law firm Herrick, Feinstein LLP to investigate naked short selling in AUVI stock.
“We are concerned that there may have been certain illegal activities with respect to the trading of our securities, which we cannot tolerate,” explained CEO Max Munn. “Accordingly, on behalf of the Company, we have engaged outside counsel to aggressively investigate these activities and take whatever steps that are appropriate to protect the Company and its shareholders.”
Applied UV will join companies like Genius Group (NYSEMKT:GNS) and Helbiz (NASDAQ:HLBZ) in investigating alleged market manipulation. The investigation will be led by Howard Elisofon, who was formerly a Securities and Exchange Commission (SEC) trial attorney.
Applied UV also announced it had completed mergers with Puro Lighting, LLC and LED Supply Co. The mergers will help the company improve indoor air quality and protect consumers and businesses from airborne pathogens. Applied UV will also benefit from Puro’s heating, ventilation and air conditioning (HVAC) software, which will allow it to increase internet of things (IOT) connectivity.
5 Investors Betting Big on AUVI Stock Right Now
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q3, only 15 13F filers disclosed owning AUVI, a decline of three filers from the prior quarter. Furthermore, five institutional investors disclosed a new stake during Q3, while eight investors disclosed closing their positions. In total, institutions own 5.03% of the public float and 2.52% of all shares outstanding, signifying low institutional ownership. Meanwhile, insiders own 49.98% of all shares outstanding.
With that in mind, let’s take a look at the top shareholders of Applied UV:
- Max Munn, CEO: 5.02 million shares. Munn’s stake is accurate as of Dec. of 2021.
- Vanguard: 106,783 shares. Vanguard sold 39,115 shares during Q3.
- Advisor Group Holdings: 84,145 shares. Advisor Group’s position remained unchanged during Q3.
- Geode Capital Management: 34,963 shares. Geode’s position remained unchanged during Q3.
- State Street (NYSE:STT): 27,864 shares. State Street purchased 14,600 shares during Q3.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.