Perfect Moment (NASDAQ:PMNT) Shares Up 0.2% – What’s Next?

Perfect Moment Ltd. (NASDAQ:PMNT) shares shot up 0.2% during trading on Friday . The stock traded as high as $0.45 and last traded at $0.4410. 31,187 shares traded hands during trading, an increase of 8% from the average session volume of 28,748 shares. The stock had previously closed at $0.44.

Analysts Set New Price Targets

Separately, Maxim Group began coverage on Perfect Moment in a research report on Friday, October 3rd. They set a “buy” rating and a $1.50 price target on the stock. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Perfect Moment presently has an average rating of “Buy” and an average target price of $1.50.

Perfect Moment Price Performance

The company has a market cap of $15.53 million, a PE ratio of -0.34 and a beta of -3.33. The business has a fifty day simple moving average of $0.45 and a two-hundred day simple moving average of $0.43.

Hedge Funds Weigh In On Perfect Moment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new position in Perfect Moment in the third quarter worth about $56,000. US Bancorp DE grew its position in shares of Perfect Moment by 82.0% in the 3rd quarter. US Bancorp DE now owns 910,225 shares of the company’s stock worth $401,000 after buying an additional 410,225 shares during the last quarter. Finally, Magnus Financial Group LLC raised its stake in shares of Perfect Moment by 26.2% during the 3rd quarter. Magnus Financial Group LLC now owns 164,979 shares of the company’s stock worth $73,000 after acquiring an additional 34,217 shares in the last quarter. Hedge funds and other institutional investors own 23.00% of the company’s stock.

About Perfect Moment

Perfect Moment Inc (NASDAQ: PMNT) is a special purpose acquisition company (SPAC) incorporated in Delaware and based in New York City. The company was formed to raise capital through an initial public offering, with the express purpose of identifying and completing a business combination with one or more businesses in the consumer, retail, sports, wellness or related sectors. As a blank‐check vehicle, Perfect Moment holds IPO proceeds in trust while it evaluates target opportunities that align with its strategic focus on high-growth consumer platforms and service‐based enterprises.

The company completed its initial public offering in early 2021, securing gross proceeds intended to fund a merger or acquisition that would bring a private business public.