CSLM Acquisition (NASDAQ:SPWR) Shares Down 5.7% - Should You Sell?

Key Points

• CSLM Acquisition Corp. (NASDAQ:SPWR) shares fell by 5.7%, closing at $1.48 after trading as low as $1.47, with volume slightly below average at 952,488 shares.
• The stock was recently downgraded from a "buy" to a "hold" rating by Wall Street Zen on June 5th.
• CEO Thurman J. Rodgers made a significant insider purchase of 606,000 shares at an average price of $1.68, increasing his ownership by 425.53%.

CSLM Acquisition Corp. (NASDAQ:SPWR - Get Free Report) shares dropped 5.7% during trading on Friday . The company traded as low as $1.47 and last traded at $1.48. Approximately 952,488 shares changed hands during mid-day trading, a decline of 1% from the average daily volume of 964,124 shares. The stock had previously closed at $1.57.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered CSLM Acquisition from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th.

CSLM Acquisition Price Performance

The business has a 50 day simple moving average of $1.78 and a 200 day simple moving average of $1.69.

Insider Activity

In related news, CEO Thurman J. Rodgers purchased 606,000 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was bought at an average cost of $1.68 per share, for a total transaction of $1,018,080.00. Following the completion of the acquisition, the chief executive officer owned 463,589 shares of the company's stock, valued at approximately $778,829.52. This represents a -425.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 44.60% of the company's stock.

Institutional Trading of CSLM Acquisition

Several institutional investors have recently modified their holdings of SPWR. Millennium Management LLC grew its stake in CSLM Acquisition by 173.1% during the fourth quarter. Millennium Management LLC now owns 27,497 shares of the company's stock worth $49,000 after purchasing an additional 17,429 shares during the period. Bridgeway Capital Management LLC lifted its position in CSLM Acquisition by 108.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 134,500 shares of the company's stock valued at $241,000 after acquiring an additional 70,000 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in CSLM Acquisition in the 4th quarter valued at about $250,000. Alyeska Investment Group L.P. increased its stake in CSLM Acquisition by 1,538.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 219,080 shares of the company's stock valued at $392,000 after buying an additional 205,711 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in CSLM Acquisition in the 4th quarter valued at about $512,000. Institutional investors own 47.36% of the company's stock.

About CSLM Acquisition

Complete Solaria, Inc engages in the provision of solar services. It offers sales enablement, project management, partner coordination, and customer communication. The company is headquartered in San Ramon, CA and does business as SunPower Corporation.