HCM Acquisition (NASDAQ:HCMA) Trading Down 0.1% - Time to Sell?

Key Points

• HCM Acquisition shares fell 0.1% to $10.3050 in light trading, with volume down 92% from the average daily level. The stock remains near its 50-day and 200-day moving averages.
• Weiss Ratings reaffirmed a “sell (D-)” rating, and the sole analyst covering the stock also rates it Sell.
• Several institutional investors increased or initiated positions, but institutional ownership remains relatively modest at 11.79%. HCM Acquisition is a SPAC seeking to complete a business combination.

HCM Acquisition Corp (NASDAQ:HCMA - Get Free Report)'s stock price fell 0.1% on Friday . The company traded as low as $10.29 and last traded at $10.3050. Approximately 3,713 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 45,112 shares. The stock had previously closed at $10.32.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of HCM Acquisition in a report on Thursday, August 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Sell".

HCM Acquisition Price Performance

The business's fifty day simple moving average is $10.30 and its 200 day simple moving average is $10.22.

HCM Acquisition (NASDAQ:HCMA - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported $0.05 earnings per share for the quarter.

Institutional Investors Weigh In On HCM Acquisition

A number of hedge funds have recently bought and sold shares of HCMA. Readystate Asset Management LP acquired a new position in shares of HCM Acquisition in the 1st quarter valued at approximately $541,000. Rivernorth Capital Management LLC acquired a new stake in shares of HCM Acquisition during the first quarter worth approximately $2,016,000. Berkley W R Corp grew its position in shares of HCM Acquisition by 34.4% during the first quarter. Berkley W R Corp now owns 388,407 shares of the company's stock worth $3,915,000 after buying an additional 99,480 shares in the last quarter. Galaxy Digital Inc. bought a new stake in shares of HCM Acquisition in the first quarter worth $1,008,000. Finally, DLD Asset Management LP increased its stake in shares of HCM Acquisition by 19.0% in the first quarter. DLD Asset Management LP now owns 250,000 shares of the company's stock worth $2,520,000 after buying an additional 40,000 shares during the last quarter. Institutional investors and hedge funds own 11.79% of the company's stock.

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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