Cartesian Growth Corp III (NASDAQ:CGCT) Shares Down 1.7% – Should You Sell?
by Michael Walen · The Markets DailyCartesian Growth Corp III (NASDAQ:CGCT – Get Free Report)’s stock price traded down 1.7% during trading on Thursday . The stock traded as low as $5.50 and last traded at $5.86. 299,911 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 284,359 shares. The stock had previously closed at $5.96.
Cartesian Growth Corp III Stock Down 1.7%
The stock has a 50 day simple moving average of $9.44 and a 200 day simple moving average of $10.10. The company has a market cap of $202.17 million and a price-to-earnings ratio of 24.42.
Cartesian Growth Corp III (NASDAQ:CGCT – Get Free Report) last posted its earnings results on Friday, May 15th. The company reported $0.05 earnings per share (EPS) for the quarter. The company had revenue of $2.49 million during the quarter.
Institutional Trading of Cartesian Growth Corp III
Hedge funds have recently made changes to their positions in the company. Evercore Wealth Management LLC purchased a new stake in Cartesian Growth Corp III during the 4th quarter worth $104,000. PenderFund Capital Management Ltd. purchased a new position in Cartesian Growth Corp III in the 4th quarter valued at about $234,000. Rivernorth Capital Management LLC grew its stake in shares of Cartesian Growth Corp III by 23.1% during the fourth quarter. Rivernorth Capital Management LLC now owns 133,142 shares of the company’s stock valued at $1,371,000 after acquiring an additional 24,999 shares in the last quarter. Readystate Asset Management LP acquired a new stake in shares of Cartesian Growth Corp III during the fourth quarter valued at about $257,000. Finally, Marex Group plc purchased a new stake in shares of Cartesian Growth Corp III during the fourth quarter worth about $309,000.
About Cartesian Growth Corp III
Cartesian Growth Corp III (NASDAQ: CGCT) is a special purpose acquisition company (SPAC), commonly referred to as a blank-check company, that is listed on the Nasdaq stock exchange. As a SPAC, Cartesian Growth Corp III was formed to raise capital through an initial public offering with the objective of identifying, negotiating and completing one or more business combinations or acquisitions. The company itself does not operate an ongoing commercial business prior to completing a business combination.
The company’s principal activities center on sourcing potential acquisition targets, conducting due diligence, arranging transaction financing and completing a business combination that would result in an operating public company.