Ionic Capital Management LLC Makes New Investment in Churchill Capital Corp X $CCCX

Key Points

• Ionic Capital Management LLC initiated a new position of 125,000 shares in Churchill Capital Corp X (NASDAQ:CCCX) during Q3, valued at about $1.608 million, roughly 0.2% of Ionic’s portfolio and its 26th-largest holding.
• Several other institutions also opened small Q3 positions in CCCX, including Group One Trading, ATW Spac Management, MGO One Seven, Cantor Fitzgerald and Bank of America, each buying stakes ranging from about $52,000 to $322,000.
• CCCX recently opened at $13.66 (50-day moving average $14.90; 12-month range $10.03–$27.50) and currently carries a consensus "Sell" rating, with Weiss Ratings reiterating a sell recommendation.

Ionic Capital Management LLC bought a new position in shares of Churchill Capital Corp X (NASDAQ:CCCX - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 125,000 shares of the company's stock, valued at approximately $1,608,000. Churchill Capital Corp X makes up 0.2% of Ionic Capital Management LLC's investment portfolio, making the stock its 26th largest position. Ionic Capital Management LLC owned approximately 0.24% of Churchill Capital Corp X at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Group One Trading LLC acquired a new position in Churchill Capital Corp X during the 3rd quarter worth $52,000. ATW Spac Management LLC acquired a new stake in shares of Churchill Capital Corp X in the 3rd quarter valued at $129,000. MGO One Seven LLC bought a new stake in shares of Churchill Capital Corp X during the third quarter worth $129,000. Cantor Fitzgerald L. P. acquired a new position in shares of Churchill Capital Corp X during the third quarter valued at $283,000. Finally, Bank of America Corp DE bought a new position in Churchill Capital Corp X in the third quarter valued at about $322,000.

Churchill Capital Corp X Stock Performance

CCCX opened at $13.66 on Monday. The stock has a fifty day moving average price of $14.90. Churchill Capital Corp X has a twelve month low of $10.03 and a twelve month high of $27.50.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "sell (d)" rating on shares of Churchill Capital Corp X in a research report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Churchill Capital Corp X currently has a consensus rating of "Sell".

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.

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