X3 (NASDAQ:XTKG) Stock Price Down 18.3% – Here’s Why

X3 Holdings Co., Ltd. (NASDAQ:XTKG)’s share price traded down 18.3% during trading on Tuesday . The company traded as low as $0.3570 and last traded at $0.4193. 4,804,995 shares were traded during trading, a decline of 76% from the average session volume of 19,718,160 shares. The stock had previously closed at $0.5130.

Analyst Upgrades and Downgrades

XTKG has been the topic of several research analyst reports. Wall Street Zen lowered X3 to a “strong sell” rating in a research note on Saturday, November 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of X3 in a research report on Monday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

X3 Stock Performance

The company’s 50-day moving average is $8.88 and its two-hundred day moving average is $10.31.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in X3 stock. Citadel Advisors LLC bought a new position in shares of X3 Holdings Co., Ltd. (NASDAQ:XTKG) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 31,417 shares of the company’s stock, valued at approximately $52,000. Citadel Advisors LLC owned about 0.23% of X3 at the end of the most recent reporting period. 1.85% of the stock is owned by institutional investors.

X3 Company Profile

X3 Acquisition Corporation (NASDAQ: XTKG) is a special purpose acquisition company, or blank check company, formed to raise capital through an initial public offering for the purpose of effecting a merger, capital stock exchange, asset acquisition or other business combination. The company does not engage in any commercial operations and holds its net proceeds in a trust account until a qualifying transaction is completed.

Trading on the Nasdaq Capital Market since its initial public offering, X3 Acquisition Corporation’s units represent the right to receive shares of common stock upon the company’s completion of a business combination.