AlphaVest Acquisition (NASDAQ:ATMV) Shares Up 11.6% – Should You Buy?
by Danessa Lincoln · The Markets DailyAlphaVest Acquisition Corp. (NASDAQ:ATMV – Get Free Report) shares traded up 11.6% on Thursday . The company traded as high as $8.4367 and last traded at $8.08. 626,758 shares traded hands during trading, a decline of 12% from the average session volume of 710,044 shares. The stock had previously closed at $7.24.
Analysts Set New Price Targets
Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of AlphaVest Acquisition in a research note on Monday, December 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.
AlphaVest Acquisition Stock Performance
The stock’s 50-day moving average price is $7.88 and its two-hundred day moving average price is $10.67.
AlphaVest Acquisition (NASDAQ:ATMV – Get Free Report) last announced its quarterly earnings data on Wednesday, November 19th. The company reported ($0.73) earnings per share for the quarter. The business had revenue of $0.17 million during the quarter.
Insider Transactions at AlphaVest Acquisition
In other AlphaVest Acquisition news, major shareholder Harraden Circle Investments, L sold 133,722 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $14.27, for a total transaction of $1,908,212.94. Following the completion of the transaction, the insider owned 329,825 shares in the company, valued at $4,706,602.75. This trade represents a 28.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 220,175 shares of company stock valued at $3,084,375. Insiders own 55.20% of the company’s stock.
Institutional Investors Weigh In On AlphaVest Acquisition
Institutional investors and hedge funds have recently modified their holdings of the company. Clear Street Group Inc. bought a new position in shares of AlphaVest Acquisition in the third quarter worth approximately $1,842,000. Harraden Circle Investments LLC purchased a new position in AlphaVest Acquisition in the 3rd quarter worth approximately $762,000. Berkley W R Corp increased its holdings in shares of AlphaVest Acquisition by 23.7% in the 2nd quarter. Berkley W R Corp now owns 233,745 shares of the company’s stock worth $2,749,000 after buying an additional 44,730 shares during the last quarter. Finally, Clear Street LLC raised its position in shares of AlphaVest Acquisition by 96.1% during the 2nd quarter. Clear Street LLC now owns 21,671 shares of the company’s stock valued at $255,000 after buying an additional 10,620 shares in the last quarter. 46.08% of the stock is owned by hedge funds and other institutional investors.
AlphaVest Acquisition Company Profile
AlphaVest Acquisition Corp (NASDAQ: ATMV) is a special purpose acquisition company (SPAC) incorporated as a Delaware corporation. The company is a “blank check” issuer formed to raise capital through an initial public offering with the sole purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Having no operating history or ongoing commercial operations prior to a business combination, AlphaVest Acquisition Corp is focused on identifying prospective target companies that align with its investment criteria.