Perfect Moment (NASDAQ:PMNT) Stock Price Up 0.3% – Here’s Why

Perfect Moment Ltd. (NASDAQ:PMNT)’s share price was up 0.3% during trading on Monday . The stock traded as high as $0.3355 and last traded at $0.35. Approximately 12,218 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 31,434 shares. The stock had previously closed at $0.3490.

Perfect Moment Stock Performance

The company has a fifty day moving average of $0.43 and a two-hundred day moving average of $0.44. The firm has a market capitalization of $12.17 million, a price-to-earnings ratio of -0.27 and a beta of -3.33.

Hedge Funds Weigh In On Perfect Moment

Several institutional investors and hedge funds have recently modified their holdings of PMNT. Citadel Advisors LLC bought a new position in Perfect Moment during the third quarter worth about $56,000. Magnus Financial Group LLC grew its position in shares of Perfect Moment by 26.2% during the 3rd quarter. Magnus Financial Group LLC now owns 164,979 shares of the company’s stock worth $73,000 after purchasing an additional 34,217 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Perfect Moment by 82.0% during the third quarter. US Bancorp DE now owns 910,225 shares of the company’s stock worth $401,000 after purchasing an additional 410,225 shares during the period. 23.00% of the stock is currently owned by institutional investors and hedge funds.

About Perfect Moment

Perfect Moment Inc (NASDAQ: PMNT) is a special purpose acquisition company (SPAC) incorporated in Delaware and based in New York City. The company was formed to raise capital through an initial public offering, with the express purpose of identifying and completing a business combination with one or more businesses in the consumer, retail, sports, wellness or related sectors. As a blank‐check vehicle, Perfect Moment holds IPO proceeds in trust while it evaluates target opportunities that align with its strategic focus on high-growth consumer platforms and service‐based enterprises.

The company completed its initial public offering in early 2021, securing gross proceeds intended to fund a merger or acquisition that would bring a private business public.