Churchill Capital Corp X (NASDAQ:CCCX) Trading Down 7% – Here’s Why

Churchill Capital Corp X (NASDAQ:CCCX)’s stock price traded down 7% on Tuesday . The company traded as low as $17.25 and last traded at $17.31. 2,051,624 shares were traded during mid-day trading, a decline of 17% from the average session volume of 2,458,696 shares. The stock had previously closed at $18.61.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Churchill Capital Corp X in a report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell”.

Churchill Capital Corp X Price Performance

The firm has a fifty day moving average price of $15.77.

Hedge Funds Weigh In On Churchill Capital Corp X

A number of large investors have recently added to or reduced their stakes in the company. Fort Baker Capital Management LP acquired a new position in shares of Churchill Capital Corp X during the third quarter worth about $22,153,000. MMCAP International Inc. SPC acquired a new position in Churchill Capital Corp X during the 3rd quarter worth approximately $20,317,000. Alberta Investment Management Corp bought a new position in shares of Churchill Capital Corp X during the 3rd quarter worth approximately $19,290,000. Magnetar Financial LLC acquired a new stake in shares of Churchill Capital Corp X in the third quarter valued at approximately $18,675,000. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Churchill Capital Corp X in the third quarter valued at approximately $17,797,000.

About Churchill Capital Corp X

Churchill Capital Corp X (NASDAQ: CCCX) is a special purpose acquisition company (SPAC), commonly referred to as a blank‑check company, formed to raise capital through an initial public offering for the purpose of effecting one or more business combinations. As a SPAC, it initially holds the proceeds from its public offering in a trust account while management and the sponsor identify and negotiate a potential merger, acquisition, or other qualifying business combination that would result in the acquired company becoming publicly listed.

The company’s primary activities are sourcing, evaluating and completing a business combination with a target company.