Churchill Capital Corp X (NASDAQ:CCCX) Shares Down 3.8% – Here’s Why

Churchill Capital Corp X (NASDAQ:CCCX)’s share price traded down 3.8% during mid-day trading on Tuesday . The stock traded as low as $15.67 and last traded at $15.75. 850,571 shares changed hands during trading, a decline of 68% from the average session volume of 2,697,615 shares. The stock had previously closed at $16.38.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Churchill Capital Corp X in a report on Monday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

Churchill Capital Corp X Stock Down 1.0%

The stock’s fifty day moving average price is $15.97.

Hedge Funds Weigh In On Churchill Capital Corp X

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC bought a new position in shares of Churchill Capital Corp X in the third quarter valued at approximately $2,979,000. Hudson Bay Capital Management LP bought a new stake in shares of Churchill Capital Corp X during the 3rd quarter worth $129,000. IFP Advisors Inc acquired a new position in Churchill Capital Corp X in the 3rd quarter valued at $122,000. Polar Asset Management Partners Inc. bought a new position in Churchill Capital Corp X in the 3rd quarter worth $5,144,000. Finally, Cantor Fitzgerald L. P. bought a new position in Churchill Capital Corp X in the 3rd quarter worth $283,000.

Churchill Capital Corp X Company Profile

Churchill Capital Corp X (NASDAQ: CCCX) is a special purpose acquisition company (SPAC), commonly referred to as a blank‑check company, formed to raise capital through an initial public offering for the purpose of effecting one or more business combinations. As a SPAC, it initially holds the proceeds from its public offering in a trust account while management and the sponsor identify and negotiate a potential merger, acquisition, or other qualifying business combination that would result in the acquired company becoming publicly listed.

The company’s primary activities are sourcing, evaluating and completing a business combination with a target company.