CC Neuberger Principal Holdings II (NYSE:PRPB) Shares Up 2.1% - Still a Buy?

Key Points

• Shares rose 2.1% intraday to a last trade of $0.8347 (high $0.8499) on volume of ~1,943,655 shares, a 299% increase versus the average daily volume of 487,352.
• PRPB is a SPAC formed in September 2020 that has not yet completed a business combination; its proceeds are held in a trust and sponsors include CC Capital Partners, Neuberger Berman and Principal Financial Group.
• The stock is trading below its technical averages, with a 50-day simple moving average of $1.03 and a 200-day simple moving average of $1.50.

CC Neuberger Principal Holdings II (NYSE:PRPB - Get Free Report) shares rose 2.1% during mid-day trading on Friday . The stock traded as high as $0.8499 and last traded at $0.8347. Approximately 1,943,655 shares changed hands during trading, an increase of 299% from the average daily volume of 487,352 shares. The stock had previously closed at $0.8173.

CC Neuberger Principal Holdings II Price Performance

The company has a 50-day simple moving average of $1.03 and a two-hundred day simple moving average of $1.50.

CC Neuberger Principal Holdings II Company Profile

CC Neuberger Principal Holdings II NYSE: PRPB is a special purpose acquisition company (SPAC) formed to effectuate a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. The company held its initial public offering in September 2020 and has not yet consummated a business combination. PRPB’s shares and warrants are traded on the New York Stock Exchange, and its proceeds are held in a trust account pending identification of a suitable target.

Sponsors of CC Neuberger Principal Holdings II include CC Capital Partners, Neuberger Berman and Principal Financial Group.

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