Rivernorth Capital Management LLC bought a new position in Chenghe Acquisition III Co. (NASDAQ:CHEC – Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 394,000 shares of the company’s stock, valued at approximately $3,972,000.
Other large investors also recently made changes to their positions in the company. Context Capital Management LLC purchased a new stake in shares of Chenghe Acquisition III in the fourth quarter valued at $1,357,000. Periscope Capital Inc. purchased a new position in Chenghe Acquisition III during the fourth quarter worth about $2,383,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Chenghe Acquisition III in the 4th quarter worth about $1,248,000. K2 Principal Fund L.P. purchased a new stake in Chenghe Acquisition III in the 4th quarter valued at about $805,000. Finally, MMCAP International Inc. SPC acquired a new position in shares of Chenghe Acquisition III during the 4th quarter valued at about $1,496,000.
Analysts Set New Price Targets
Separately, Weiss Ratings raised shares of Chenghe Acquisition III from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.
Chenghe Acquisition III Trading Down 0.0%
Chenghe Acquisition III stock opened at $10.19 on Wednesday. Chenghe Acquisition III Co. has a 12 month low of $9.91 and a 12 month high of $10.56. The stock has a 50-day moving average price of $10.16.
Chenghe Acquisition III (NASDAQ:CHEC – Get Free Report) last issued its earnings results on Wednesday, March 25th. The company reported $0.14 earnings per share (EPS) for the quarter.
Chenghe Acquisition III Company Profile
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.
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