Rivernorth Capital Management LLC Acquires New Position in HCM Acquisition Corp $HCMA

Key Points

• Rivernorth Capital Management acquired 199,996 shares of HCM Acquisition Corp. in the first quarter, valued at approximately $2.02 million, giving it a 1.41% stake.
• Institutional investors own 11.79% of HCMA, with several hedge funds—including Meteora Capital, Verition Fund Management and MMCAP International—recently establishing sizable positions.
• HCMA has a consensus “Sell” rating from analysts. Shares opened at $10.30 and have traded between $10.03 and $10.49 over the past year; the SPAC reported quarterly EPS of $0.05.

Rivernorth Capital Management LLC bought a new position in shares of HCM Acquisition Corp (NASDAQ:HCMA - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 199,996 shares of the company's stock, valued at approximately $2,016,000. Rivernorth Capital Management LLC owned 1.41% of HCM Acquisition as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Meteora Capital LLC purchased a new position in HCM Acquisition in the 3rd quarter valued at approximately $16,587,000. Verition Fund Management LLC purchased a new stake in shares of HCM Acquisition during the third quarter worth $11,617,000. MMCAP International Inc. SPC purchased a new stake in shares of HCM Acquisition during the fourth quarter worth $10,040,000. Governors Lane LP increased its position in shares of HCM Acquisition by 25.0% during the fourth quarter. Governors Lane LP now owns 1,000,000 shares of the company's stock worth $10,040,000 after acquiring an additional 200,000 shares during the period. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new stake in shares of HCM Acquisition in the third quarter valued at $10,105,000. 11.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded HCM Acquisition from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 1st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Sell".

HCM Acquisition Stock Performance

HCM Acquisition stock opened at $10.30 on Thursday. The stock's fifty day moving average is $10.28 and its two-hundred day moving average is $10.18. HCM Acquisition Corp has a 1-year low of $10.03 and a 1-year high of $10.49.

HCM Acquisition (NASDAQ:HCMA - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.05 earnings per share (EPS) for the quarter.

HCM Acquisition Company Profile

HCM Acquisition Corp. is a Delaware‐incorporated special purpose acquisition company (SPAC) that was formed to identify and complete a business combination with one or more target businesses. The company raised capital through its initial public offering and is listed on the Nasdaq under the ticker HCMA. As a blank check vehicle, HCM Acquisition holds its funds in trust until it consummates a qualifying merger, share exchange, asset acquisition or other business combination.

The SPAC is sponsored by affiliates of Healthcare Capital Management LLC, a Los Angeles‐based investment firm with experience in healthcare and life sciences investing.

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