Freedom Acquisition I (NASDAQ:FACT) Shares Up 0.1% - Time to Buy?

Key Points

• Freedom Acquisition I shares rose 0.1% to $10.73, but trading volume fell 82% below its average daily level.
• MarketBeat reports a consensus “Sell” rating, with the sole analyst covering the stock rating it Sell; Weiss Ratings slightly improved its assessment from “sell (d)” to “sell (d+).”
• The SPAC reported quarterly EPS of $0.04, while institutional investors own 55.82% of its shares and several hedge funds recently initiated or increased positions.

Freedom Acquisition I Corp. (NASDAQ:FACT - Get Free Report)'s stock price traded up 0.1% during trading on Wednesday. The company traded as high as $10.73 and last traded at $10.73. Approximately 13,344 shares traded hands during trading, a decline of 82% from the average daily volume of 74,945 shares. The stock had previously closed at $10.72.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Freedom Acquisition I from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 13th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Freedom Acquisition I currently has a consensus rating of "Sell".

Freedom Acquisition I Stock Performance

The company has a fifty day simple moving average of $10.70 and a 200-day simple moving average of $10.64.

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

Institutional Investors Weigh In On Freedom Acquisition I

Hedge funds have recently made changes to their positions in the company. SkyView Investment Advisors LLC acquired a new position in shares of Freedom Acquisition I in the 2nd quarter valued at about $532,000. Citadel Advisors LLC acquired a new stake in shares of Freedom Acquisition I during the second quarter worth approximately $204,000. Berkley W R Corp boosted its holdings in shares of 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 purchasing an additional 40,363 shares during the period. Rangeley Capital LLC purchased a new position in Freedom Acquisition I during the first quarter valued at approximately $163,000. Finally, Radcliffe Capital Management L.P. grew its position in Freedom Acquisition I by 4.7% during the fourth quarter. Radcliffe Capital Management L.P. now owns 523,289 shares of the company's stock valued at $5,447,000 after purchasing an additional 23,289 shares in the last quarter. Hedge funds and other institutional investors own 55.82% of the company's stock.

Freedom Acquisition I Company Profile

Freedom Acquisition I Corp. was a special purpose acquisition company (SPAC) formed to identify and combine with an operating business through a merger, acquisition, stock purchase, reorganization, or similar transaction. As a blank-check company, it did not have significant operating activities, products, or services of its own before completing a business combination.

The company evaluated potential targets across a range of industries and geographies rather than serving customers through a conventional operating business.

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