Fortune Rise Acquisition Co. (NASDAQ:FRLA) Position Reduced by Westchester Capital Management LLC

Westchester Capital Management LLC reduced its position in Fortune Rise Acquisition Co. (NASDAQ:FRLA) by 60.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,422 shares of the company’s stock after selling 130,088 shares during the period. Westchester Capital Management LLC’s holdings in Fortune Rise Acquisition were worth $983,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FRLA. Spartan Fund Management Inc. boosted its position in shares of Fortune Rise Acquisition by 56.3% in the third quarter. Spartan Fund Management Inc. now owns 133,462 shares of the company’s stock worth $1,519,000 after buying an additional 48,063 shares during the period. SkyView Investment Advisors LLC lifted its stake in Fortune Rise Acquisition by 107.5% in the 2nd quarter. SkyView Investment Advisors LLC now owns 83,000 shares of the company’s stock worth $934,000 after acquiring an additional 43,000 shares in the last quarter. K2 Principal Fund L.P. boosted its position in Fortune Rise Acquisition by 55.0% during the 2nd quarter. K2 Principal Fund L.P. now owns 154,990 shares of the company’s stock worth $1,744,000 after acquiring an additional 54,991 shares during the period. Clear Street LLC grew its stake in Fortune Rise Acquisition by 86.1% during the 2nd quarter. Clear Street LLC now owns 251,793 shares of the company’s stock valued at $2,833,000 after acquiring an additional 116,523 shares in the last quarter. Finally, Virtu Financial LLC increased its holdings in shares of Fortune Rise Acquisition by 222.8% in the 2nd quarter. Virtu Financial LLC now owns 72,992 shares of the company’s stock valued at $821,000 after purchasing an additional 50,380 shares during the period. Institutional investors and hedge funds own 52.89% of the company’s stock.

Fortune Rise Acquisition Stock Performance

FRLA stock opened at $11.65 on Friday. The firm has a 50 day simple moving average of $11.38 and a 200 day simple moving average of $11.31. Fortune Rise Acquisition Co. has a 52 week low of $10.95 and a 52 week high of $12.00.

Insiders Place Their Bets

In other news, major shareholder Yakira Capital Management, Inc sold 372,000 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $11.51, for a total transaction of $4,281,720.00. Following the transaction, the insider now owns 175,938 shares in the company, valued at $2,025,046.38. This represents a 67.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.00% of the company’s stock.

Fortune Rise Acquisition Company Profile

Fortune Rise Acquisition Corporation does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2021 and is based in Clearwater, Florida.