Perfect Moment (NASDAQ:PMNT) Stock Price Up 0.3% – Still a Buy?

Perfect Moment Ltd. (NASDAQ:PMNT) shot up 0.3% on Monday . The company traded as high as $0.3355 and last traded at $0.35. 12,218 shares were traded during trading, a decline of 61% from the average session volume of 31,434 shares. The stock had previously closed at $0.3490.

Perfect Moment Price Performance

The stock has a 50-day moving average price of $0.43 and a 200-day moving average price of $0.44. The company has a market capitalization of $12.17 million, a price-to-earnings ratio of -0.27 and a beta of -3.33.

Hedge Funds Weigh In On Perfect Moment

Several large investors have recently modified their holdings of the stock. Magnus Financial Group LLC lifted 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 buying an additional 34,217 shares during the last quarter. US Bancorp DE raised its holdings in Perfect Moment by 82.0% in the 3rd quarter. US Bancorp DE now owns 910,225 shares of the company’s stock valued at $401,000 after acquiring an additional 410,225 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in Perfect Moment during the third quarter worth approximately $56,000. 23.00% of the stock is owned by 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.