Freedom Acquisition I (NASDAQ:FACT) Shares Climb 0.1% – Still a Buy?

Shares of Freedom Acquisition I Corp. (NASDAQ:FACT) traded up 0.1% during mid-day trading on Thursday. The company traded as high as $10.77 and last traded at $10.77. Approximately 341 shares traded hands during trading, a decline of 100% from the average session volume of 80,042 shares. The stock had previously closed at $10.76.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Freedom Acquisition I from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Sell rating. According to MarketBeat.com, Freedom Acquisition I currently has a consensus rating of “Sell”.

Freedom Acquisition I Price Performance

The firm has a fifty day simple moving average of $10.73 and a two-hundred day simple moving average of $10.61.

Freedom Acquisition I (NASDAQ:FACT) last announced its earnings results on Wednesday, August 12th. The company reported $0.04 earnings per share for the quarter.

Hedge Funds Weigh In On Freedom Acquisition I

A number of hedge funds and other institutional investors have recently modified their holdings of FACT. SkyView Investment Advisors LLC bought a new position in shares of Freedom Acquisition I during the second quarter valued at approximately $532,000. Citadel Advisors LLC purchased a new stake in Freedom Acquisition I in the second quarter worth $204,000. Berkley W R Corp boosted its holdings in Freedom Acquisition I by 14.2% in the first quarter. Berkley W R Corp now owns 325,445 shares of the company’s stock valued at $3,417,000 after acquiring an additional 40,363 shares in the last quarter. Finally, Rangeley Capital LLC bought a new stake in Freedom Acquisition I in the first quarter valued at $163,000. 55.82% of the stock is currently owned by hedge funds and other institutional investors.

Freedom Acquisition I Company Profile

Freedom Acquisition I Corp. was a special purpose acquisition company, or SPAC, formed to identify and combine with an operating business. Rather than selling products or services directly, the company raised capital through a public offering and pursued a merger with a private company.

Freedom Acquisition I focused on opportunities in sectors including financial services, technology, media and telecommunications. Its principal activity was evaluating potential business combinations, conducting due diligence and negotiating a transaction that would allow a private company to become publicly traded.

The company ultimately entered into a business combination agreement with Complete Solaria, Inc, a provider of residential solar energy systems and related services.