Shares of Bridger Aerospace (NASDAQ:BAER) are up more than 75% today, bringing the stock’s five-day gain to about 100%. BAER stock first began trading on Jan. 25 following a special purpose acquisition company (SPAC) business combination with Jack Creek Investment Corp. Since then, shares have declined more than 20% from the pre-merger price of $10.19.
Bridger engages in fighting wildfires with its fleet of aircraft. Earlier this month, the company announced that it had received its sixth CL-415EAF plane, or “Super Scooper,” from De Havilland Aircraft of Canada Limited. The plane is nicknamed the Super Scooper due to its ability to scoop large amounts of water from natural sources.
The company explained the following about the aircraft:
“Super Scoopers can scoop up to 1,412 gallons of water in approximately 10 seconds, and with 90% of wildfires within 20 miles of a major water source, Super Scoopers provide an extremely effective tool to economically and expeditiously deliver water to a fire without having to return to an airport to refill the water tanks.”
Meanwhile, some of the price volatility of BAER stock can be explained by a low amount of shares outstanding. The aerial firefighting company had initially estimated there to be 110.9 million shares outstanding, but massive redemptions led to only 43.8 million shares outstanding. With a lower share count, stocks are more susceptible to volatile price movements.
5 Investors Betting Big on BAER Stock in 2023
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. Although BAER only became publicly traded this month, data from its predecessor, JCIC, is still available.
During the fourth quarter, 84 13F filers disclosed ownership of JCIC, a decline of 13 filers from the previous quarter. In total, these filers own 30.09 million shares, down from 31.64 million shares last quarter. With that in mind, let’s take a look at the largest shareholders of the company:
- JCIC Sponsor: 11.92 million shares, accurate as of Feb. 13. JCIC last acquired 3.37 million shares.
- Bear Creek Asset Management: 4.37 million shares, accurate as of Jan. 24. Beer Creek disclosed its entire stake on that day.
- Aristeia Capital: 2.63 million shares. Aristeia acquired 187,805 shares during Q4.
- Glazer Capital: 2.39 million shares. Glazer sold 1.03 million shares during Q4.
- Millennium Management: 1.64 million shares. Millennium acquired 777 shares during Q4.
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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.
