Freedom Acquisition I (NASDAQ:FACT) Shares Up 0.1% - Still a Buy?

Key Points

• Freedom Acquisition I shares rose 0.1% to $10.77, but trading volume was extremely low at just 341 shares versus an average of 80,042.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock only from “sell (d)” to “sell (d+),” while the overall analyst consensus is still Sell.
• Institutional investors own 55.82% of the stock, and the company reported quarterly EPS of $0.04. Freedom Acquisition I is a SPAC that entered a business combination agreement with residential solar provider Complete Solaria.

Freedom Acquisition I Corp. (NASDAQ:FACT - Get Free Report) shot up 0.1% during trading on Thursday. The stock traded as high as $10.77 and last traded at $10.77. 341 shares traded hands during trading, a decline of 100% from the average session volume of 80,042 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Freedom Acquisition I from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, Freedom Acquisition I currently has an average rating of "Sell".

Freedom Acquisition I Price Performance

The company has a 50-day moving average price of $10.72 and a two-hundred day moving average price of $10.61.

Freedom Acquisition I (NASDAQ:FACT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.04 earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On Freedom Acquisition I

Institutional investors and hedge funds have recently modified their holdings of the company. Rangeley Capital LLC bought a new position in Freedom Acquisition I in the 1st quarter valued at $163,000. Citadel Advisors LLC bought a new stake in Freedom Acquisition I during the second quarter valued at $204,000. Berkley W R Corp grew its position in Freedom Acquisition I by 14.2% during the first quarter. Berkley W R Corp now owns 325,445 shares of the company's stock worth $3,417,000 after buying an additional 40,363 shares in the last quarter. Finally, SkyView Investment Advisors LLC purchased a new position in Freedom Acquisition I during the second quarter worth about $532,000. 55.82% of the stock is owned by hedge funds and other institutional investors.

About Freedom Acquisition I

Freedom Acquisition I Corp. was a special purpose acquisition company, or SPAC, formed to identify and combine with an operating business. Rather than selling products or services directly, the company raised capital through a public offering and pursued a merger with a private company.

Freedom Acquisition I focused on opportunities in sectors including financial services, technology, media and telecommunications. Its principal activity was evaluating potential business combinations, conducting due diligence and negotiating a transaction that would allow a private company to become publicly traded.

The company ultimately entered into a business combination agreement with Complete Solaria, Inc, a provider of residential solar energy systems and related services.

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