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

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

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed 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, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Churchill Capital Corp X Stock Performance

The stock’s 50 day moving average is $15.71.

Institutional Trading of Churchill Capital Corp X

Hedge funds have recently made changes to their positions in the stock. Group One Trading LLC purchased a new position in Churchill Capital Corp X in the third quarter worth $52,000. Wexford Capital LP bought a new stake in Churchill Capital Corp X during the third quarter worth about $64,000. IFP Advisors Inc bought a new stake in Churchill Capital Corp X during the third quarter worth about $122,000. ATW Spac Management LLC purchased a new position in shares of Churchill Capital Corp X in the 3rd quarter worth about $129,000. Finally, MGO One Seven LLC purchased a new position in shares of Churchill Capital Corp X in the 3rd quarter worth about $129,000.

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.