Market cap of Cornerstone Strategic Value Fund Inc. [CLM] reaches 974.86M – now what?


Cornerstone Strategic Value Fund Inc. [NYSE: CLM] loss -5.70% on the last trading session, reaching $8.27 price per share at the time. The company report on June 13, 2022 that Cornerstone Strategic Value Fund, Inc. Announces Completion Of Rights Offering.

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Cornerstone Strategic Value Fund, Inc. (the “Fund”) (NYSE American: CLM) (CUSIP: 21924B302) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, June 10, 2022 (the “Offering”). The Offering was over-subscribed. Under the terms of the Offering, record date stockholders were entitled to purchase one newly issued share of common stock of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $8.27 which, under the terms of the prospectus, was equal to the greater of (i) 112% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 65% of the market price per share at such time.

Based on preliminary results provided by the Fund’s subscription agent, the Fund received requests for approximately $783 million of its shares. The Fund anticipates issuing over-subscription shares under the additional subscription privilege.  If the aggregate number of shares subscribed for under the additional subscription privilege exceeds the number of excess shares, the excess shares will be allocated as described in the prospectus.

If compared to the average trading volume of 2.25M shares, CLM reached a trading volume of 4813961 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Cornerstone Strategic Value Fund Inc. [CLM]:

The Average True Range (ATR) for Cornerstone Strategic Value Fund Inc. is set at 0.57, with the Price to Sales ratio for CLM stock in the period of the last 12 months amounting to 74.24. The Price to Book ratio for the last quarter was 0.80.

Trading performance analysis for CLM stock

Cornerstone Strategic Value Fund Inc. [CLM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.20. With this latest performance, CLM shares dropped by -23.71% in over the last four-week period, additionally sinking by -41.10% over the last 6 months – not to mention a drop of -27.26% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CLM stock in for the last two-week period is set at 24.83, with the RSI for the last a single of trading hit 18.40, and the three-weeks RSI is set at 28.49 for Cornerstone Strategic Value Fund Inc. [CLM]. The present Moving Average for the last 50 days of trading for this stock 11.34, while it was recorded at 9.47 for the last single week of trading, and 13.16 for the last 200 days.

An analysis of insider ownership at Cornerstone Strategic Value Fund Inc. [CLM]

40 institutional holders increased their position in Cornerstone Strategic Value Fund Inc. [NYSE:CLM] by around 1,518,756 shares. Additionally, 21 investors decreased positions by around 982,112 shares, while 11 investors held positions by with 2,462,632 shares. The mentioned changes placed institutional holdings at 4,963,500 shares, according to the latest SEC report filing. CLM stock had 16 new institutional investments in for a total of 610,419 shares, while 7 institutional investors sold positions of 115,713 shares during the same period.