Perfect Moment (NASDAQ:PMNT) Shares Down 7.2% – Should You Sell?

Shares of Perfect Moment Ltd. (NASDAQ:PMNT) dropped 7.2% on Tuesday . The company traded as low as $0.2525 and last traded at $0.2580. Approximately 30,660 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 41,799 shares. The stock had previously closed at $0.2780.

Perfect Moment Price Performance

The stock has a fifty day moving average of $0.38 and a 200 day moving average of $0.43. The stock has a market cap of $12.09 million, a price-to-earnings ratio of -0.20 and a beta of -3.32.

Institutional Trading of Perfect Moment

Several large investors have recently made changes to their positions in the business. Magnus Financial Group LLC raised its holdings in shares of Perfect Moment by 26.2% during the third quarter. Magnus Financial Group LLC now owns 164,979 shares of the company’s stock worth $73,000 after purchasing an additional 34,217 shares during the last quarter. Citadel Advisors LLC purchased a new stake in Perfect Moment in the third quarter valued at $56,000. Finally, US Bancorp DE grew its position in Perfect Moment by 82.0% during the 3rd quarter. US Bancorp DE now owns 910,225 shares of the company’s stock worth $401,000 after purchasing an additional 410,225 shares during the period. 23.00% of the stock is owned by hedge funds and other institutional investors.

Perfect Moment Company Profile

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.