Berto Acquisition (NASDAQ:TACO) Share Price Breaks Below 50 Day Moving Average - Here's Why

Key Points

• Berto Acquisition shares fell below their 50-day moving average of $10.47, trading as low as $10.47 with 1,284 shares changing hands. The stock last traded at $10.4750.
• Analyst sentiment is bearish: Wall Street Zen downgraded the shares to “sell,” while Weiss Ratings maintained a sell-level rating. MarketBeat data shows an average rating of “Sell.”
• The company reported quarterly EPS of $0.03, while several institutional investors recently initiated or increased positions, including Governors Lane and Berkley W R Corp.

Berto Acquisition Corp. (NASDAQ:TACO - Get Free Report)'s share price passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $10.47 and traded as low as $10.47. Berto Acquisition shares last traded at $10.4750, with a volume of 1,284 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TACO. Wall Street Zen cut shares of Berto Acquisition from a "hold" rating to a "sell" rating in a research note on Saturday, August 22nd. Weiss Ratings upgraded shares of Berto Acquisition from a "sell (d-)" rating to a "sell (d)" rating in a research note on Monday, August 24th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock currently has an average rating of "Sell".

Berto Acquisition Stock Performance

The firm has a 50 day simple moving average of $10.47 and a 200-day simple moving average of $10.43.

Berto Acquisition (NASDAQ:TACO - Get Free Report) last issued its earnings results on Friday, August 14th. The restaurant operator reported $0.03 EPS for the quarter.

Institutional Trading of Berto Acquisition

• It Is Time To Take A Bite Out Of Del Taco Restaurants NASDAQ: TACO

Several large investors have recently added to or reduced their stakes in the company. SkyView Investment Advisors LLC acquired a new position in shares of Berto Acquisition in the 2nd quarter worth approximately $4,549,000. Governors Lane LP bought a new stake in Berto Acquisition during the 2nd quarter worth approximately $14,162,000. Sona Asset Management US LLC bought a new stake in Berto Acquisition during the 1st quarter worth approximately $1,697,000. Berkley W R Corp increased its holdings in Berto Acquisition by 77.9% during the 1st quarter. Berkley W R Corp now owns 1,822,598 shares of the restaurant operator's stock valued at $18,682,000 after purchasing an additional 797,864 shares in the last quarter. Finally, Levin Capital Strategies L.P. acquired a new stake in Berto Acquisition during the 1st quarter valued at $102,000.

Berto Acquisition Company Profile

Berto Acquisition Corp. is a special purpose acquisition company (SPAC) listed on the Nasdaq under the symbol TACO. The company was formed to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more operating businesses.

As an acquisition company, Berto does not operate a commercial business or offer products and services of its own. Its activities primarily involve evaluating potential target companies and pursuing a suitable transaction.

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