Rivernorth Capital Management LLC Takes $3.97 Million Position in Chenghe Acquisition III Co. $CHEC

Rivernorth Capital Management LLC acquired a new position in shares of Chenghe Acquisition III Co. (NASDAQ:CHEC) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 394,000 shares of the company’s stock, valued at approximately $3,972,000.

Several other large investors have also recently bought and sold shares of CHEC. Gladius Capital Management LP purchased a new stake in shares of Chenghe Acquisition III during the 4th quarter worth $150,000. Royal Bank of Canada purchased a new stake in Chenghe Acquisition III during the fourth quarter worth about $168,000. Virtu Financial LLC purchased a new position in Chenghe Acquisition III in the 4th quarter valued at approximately $377,000. Boothbay Fund Management LLC acquired a new position in Chenghe Acquisition III during the fourth quarter worth $498,000. Finally, K2 Principal Fund L.P. purchased a new stake in Chenghe Acquisition III during the fourth quarter worth $805,000.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Chenghe Acquisition III from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Chenghe Acquisition III Price Performance

Shares of CHEC opened at $10.19 on Wednesday. The stock’s 50 day simple moving average is $10.16. Chenghe Acquisition III Co. has a 1-year low of $9.91 and a 1-year high of $10.56.

Chenghe Acquisition III (NASDAQ:CHEC) last posted its earnings results on Wednesday, March 25th. The company reported $0.14 earnings per share (EPS) for the quarter.

About Chenghe Acquisition III

Chenghe Acquisition III (NASDAQ: CHEC) is a special-purpose acquisition company, commonly known as a SPAC, that was formed to effect a business combination with one or more operating companies. As a blank‑check vehicle, the company’s primary business activity is identifying, negotiating and completing an acquisition, merger or other strategic combination rather than operating traditional, revenue‑generating businesses.

Like many SPACs, Chenghe Acquisition III holds funds in a trust account pending the completion of a qualifying business combination and typically offers public shareholders the option to redeem their shares if they do not approve a proposed transaction.