EGH Acquisition (NASDAQ:EGHA) Stock Price Down 0% - Here's Why

Key Points

• EGH Acquisition shares were essentially flat on Friday, trading between $10.26 and $10.27 on light volume that was well below average.
• Weiss Ratings initiated coverage with a “sell (e+)” rating, leaving the stock with an overall consensus rating of “Sell” according to MarketBeat.
• Institutional investors have been active in the name, with several funds adding to or starting positions in EGH Acquisition during the fourth quarter.

Shares of EGH Acquisition Corp. (NASDAQ:EGHA - Get Free Report) dropped 0% on Friday . The company traded as low as $10.26 and last traded at $10.2650. Approximately 5,921 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 18,079 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

Separately, Weiss Ratings initiated coverage on EGH Acquisition in a research note on Tuesday, January 27th. They issued a "sell (e+)" rating on the stock. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of "Sell".

EGH Acquisition Price Performance

The stock has a 50 day simple moving average of $10.22.

Hedge Funds Weigh In On EGH Acquisition

Several institutional investors have recently made changes to their positions in the company. ABC Arbitrage SA purchased a new position in shares of EGH Acquisition during the fourth quarter valued at $304,000. Radcliffe Capital Management L.P. increased its stake in shares of EGH Acquisition by 9.1% during the fourth quarter. Radcliffe Capital Management L.P. now owns 522,737 shares of the company's stock valued at $5,295,000 after buying an additional 43,765 shares during the period. Lineage Point Capital LP purchased a new position in shares of EGH Acquisition during the fourth quarter valued at $465,000. Periscope Capital Inc. increased its stake in shares of EGH Acquisition by 26.6% during the fourth quarter. Periscope Capital Inc. now owns 253,146 shares of the company's stock valued at $2,564,000 after buying an additional 53,146 shares during the period. Finally, Westchester Capital Management LLC increased its stake in shares of EGH Acquisition by 30.0% during the fourth quarter. Westchester Capital Management LLC now owns 325,000 shares of the company's stock valued at $3,295,000 after buying an additional 75,000 shares during the period.

About EGH Acquisition

EGH Acquisition NASDAQ: EGHA is a publicly traded special purpose acquisition company (SPAC) formed to identify, acquire and combine with one or more businesses. As a blank‑check vehicle, the company's primary business activity is to raise capital through an initial public offering and to seek qualifying target companies for a business combination that would result in the target becoming a publicly listed entity.

Like other SPACs, EGH Acquisition typically holds the proceeds of its offering in trust while it evaluates potential targets and transaction structures.

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