Crown Reserve Acquisition Corp. I (NASDAQ:CRAC) Shares Up 0.1% - Here's What Happened

Key Points

• CRAC shares rose 0.1% to $10.275 during Friday trading, while volume fell 66% below the average daily level.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock from “sell (e+)” to “sell (d-),” and the consensus rating is still Sell.
• Institutional activity increased, with Sona Asset Management and RiverNorth Capital Management opening new positions and Berkley W R Corp. raising its stake by 93.5%.

Crown Reserve Acquisition Corp. I (NASDAQ:CRAC - Get Free Report) rose 0.1% during trading on Friday. The stock traded as high as $10.28 and last traded at $10.2750. Approximately 13,329 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 39,275 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Crown Reserve Acquisition Corp. I from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, September 10th. One research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company presently has a consensus rating of "Sell".

Crown Reserve Acquisition Corp. I Trading Up 0.1%

The company's 50 day moving average is $10.23 and its 200-day moving average is $10.11.

Crown Reserve Acquisition Corp. I (NASDAQ:CRAC - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $0.06 earnings per share for the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Sona Asset Management US LLC acquired a new stake in Crown Reserve Acquisition Corp. I during the 1st quarter worth about $2,002,000. Berkley W R Corp lifted its stake in Crown Reserve Acquisition Corp. I by 93.5% during the first quarter. Berkley W R Corp now owns 451,723 shares of the company's stock valued at $4,522,000 after buying an additional 218,227 shares in the last quarter. Finally, Rivernorth Capital Management LLC acquired a new position in shares of Crown Reserve Acquisition Corp. I in the first quarter worth about $2,619,000.

Crown Reserve Acquisition Corp. I Company Profile

Crown Reserve Acquisition Corp. I is a special purpose acquisition company (SPAC) incorporated to identify and complete a business combination with an operating company. Rather than conducting commercial operations of its own, the company's primary objective is to raise capital through an initial public offering and use those proceeds, together with other funding sources, to pursue a merger, acquisition or similar transaction.

Until it completes a business combination, Crown Reserve Acquisition Corp.

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