AlphaVest Acquisition (NASDAQ:ATMV) Shares Up 4.2% – Should You Buy?

AlphaVest Acquisition Corp. (NASDAQ:ATMV)’s share price rose 4.2% during trading on Friday . The company traded as high as $7.0699 and last traded at $6.69. Approximately 136,992 shares were traded during trading, a decline of 81% from the average daily volume of 710,044 shares. The stock had previously closed at $6.42.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of AlphaVest Acquisition in a research report on Monday, December 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

AlphaVest Acquisition Stock Up 4.2%

The business has a 50 day moving average price of $7.80 and a 200 day moving average price of $10.15.

AlphaVest Acquisition (NASDAQ:ATMV) last announced its quarterly earnings results on Wednesday, November 19th. The company reported ($0.73) earnings per share for the quarter. The company had revenue of $0.17 million during the quarter.

Insider Activity

In related news, major shareholder Harraden Circle Investments, L sold 133,722 shares of the stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $14.27, for a total transaction of $1,908,212.94. Following the sale, the insider directly owned 329,825 shares of the company’s stock, valued at approximately $4,706,602.75. This represents a 28.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 220,175 shares of company stock valued at $3,084,375. Insiders own 55.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ATMV. Berkley W R Corp increased its holdings in AlphaVest Acquisition by 23.7% in the 2nd quarter. Berkley W R Corp now owns 233,745 shares of the company’s stock worth $2,749,000 after acquiring an additional 44,730 shares in the last quarter. Clear Street Group Inc. purchased a new position in AlphaVest Acquisition during the third quarter valued at $1,842,000. Harraden Circle Investments LLC acquired a new stake in shares of AlphaVest Acquisition in the third quarter valued at about $762,000. Finally, Clear Street LLC increased its stake in shares of AlphaVest Acquisition by 96.1% during the second quarter. Clear Street LLC now owns 21,671 shares of the company’s stock worth $255,000 after purchasing an additional 10,620 shares in the last quarter. Hedge funds and other institutional investors own 46.08% of the company’s stock.

About AlphaVest Acquisition

AlphaVest Acquisition Corp (NASDAQ: ATMV) is a special purpose acquisition company (SPAC) incorporated as a Delaware corporation. The company is a “blank check” issuer formed to raise capital through an initial public offering with the sole purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Having no operating history or ongoing commercial operations prior to a business combination, AlphaVest Acquisition Corp is focused on identifying prospective target companies that align with its investment criteria.