AlphaVest Acquisition (NASDAQ:ATMV) Trading Down 3.2% – Should You Sell?

AlphaVest Acquisition Corp. (NASDAQ:ATMV) traded down 3.2% on Monday . The company traded as low as $5.78 and last traded at $5.81. 26,002 shares were traded during trading, a decline of 96% from the average session volume of 710,044 shares. The stock had previously closed at $6.00.

Analysts Set New Price Targets

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 data from MarketBeat.com, the company currently has an average rating of “Sell”.

AlphaVest Acquisition Stock Performance

The stock’s 50 day moving average price is $7.28 and its 200-day moving average price is $9.45.

AlphaVest Acquisition (NASDAQ:ATMV) last issued its quarterly earnings data on Wednesday, November 19th. The company reported ($0.73) EPS for the quarter. The company had revenue of $0.17 million for the quarter.

Insider Buying and Selling at AlphaVest Acquisition

In related news, major shareholder Harraden Circle Investments, L sold 133,722 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $14.27, for a total transaction of $1,908,212.94. Following the completion of the sale, the insider directly owned 329,825 shares in the company, valued at $4,706,602.75. This represents a 28.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders sold 220,175 shares of company stock worth $3,084,375. Corporate insiders own 55.20% of the company’s stock.

Hedge Funds Weigh In On AlphaVest Acquisition

Large investors have recently added to or reduced their stakes in the company. Berkley W R Corp lifted its position in shares of AlphaVest Acquisition by 23.7% during the second quarter. Berkley W R Corp now owns 233,745 shares of the company’s stock valued at $2,749,000 after buying an additional 44,730 shares during the last quarter. Clear Street Group Inc. bought a new position in shares of AlphaVest Acquisition during the 3rd quarter worth approximately $1,842,000. Harraden Circle Investments LLC purchased a new stake in AlphaVest Acquisition during the third quarter valued at approximately $762,000. Finally, Clear Street LLC lifted its position in AlphaVest Acquisition by 96.1% during the second quarter. Clear Street LLC now owns 21,671 shares of the company’s stock valued at $255,000 after acquiring an additional 10,620 shares during the last quarter. 46.08% of the stock is currently owned by institutional investors.

AlphaVest Acquisition Company Profile

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.