Concord Acquisition Corp [CND] Stock trading around $10.12 per share: What’s Next?

Concord Acquisition Corp [NYSE: CND] stock went on a downward path that fall over -0.10% on Wednesday, amounting to a one-week price decrease of less than -0.05%. The company report on June 7, 2022 that Concord Acquisition Corp Confirms Funding to Extend Period to Consummate Initial Business Combination.


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Concord Acquisition Corp (NYSE: CND) (the “Company”) today announced that Circle Internet Financial Limited, a private company limited by shares incorporated in Ireland (“Circle”) has deposited $2,760,000 into the Company’s trust account for its public stockholders, representing $0.10 per public unit sold in the Company’s initial public offering, which enables the Company to extend the period of time it has to consummate its initial business combination by six months from June 10, 2022 to December 10, 2022 (the “Extension”), as permitted under the Company’s amended and restated certificate of incorporation.

The Extension was funded by the proceeds from a promissory note (the “Note”) issued by the Company to Circle or its registered assigns or successors in interest. Circle entered into a transaction agreement with the Company, among others, on February 16, 2022 (the “Transaction Agreement”). The Note is non-interest bearing and payable in cash upon the closing of the Company’s initial business combination. In the event that the transactions contemplated by the Transaction Agreement are not consummated for any reason, no payment will be due under the Note and the principal balance of the Note will be forgiven.

Over the last 12 months, CND stock dropped by -21.61%.

The market cap for the stock reached $356.43 million, with 35.25 million shares outstanding and 27.84 million shares in the current float. Compared to the average trading volume of 159.89K shares, CND stock reached a trading volume of 3496855 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Concord Acquisition Corp [CND]:

The Average True Range (ATR) for Concord Acquisition Corp is set at 0.01 The Price to Book ratio for the last quarter was 1.36, with the Price to Cash per share for the same quarter was set at 0.00.

CND Stock Performance Analysis:

Concord Acquisition Corp [CND] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.05. With this latest performance, CND shares gained by 0.40% in over the last four-week period, additionally plugging by 2.22% over the last 6 months – not to mention a drop of -21.61% 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 CND stock in for the last two-week period is set at 59.37, with the RSI for the last a single of trading hit 57.03, and the three-weeks RSI is set at 59.83 for Concord Acquisition Corp [CND]. The present Moving Average for the last 50 days of trading for this stock 10.08, while it was recorded at 10.12 for the last single week of trading, and 10.01 for the last 200 days.

Insight into Concord Acquisition Corp Fundamentals:

Return on Equity for this stock declined to -10.97, with Return on Assets sitting at -9.97.

Concord Acquisition Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

Concord Acquisition Corp [CND] Insider Position Details

There are presently around $199 million, or 71.70% of CND stock, in the hands of institutional investors. The top three institutional holders of CND stocks are: SCULPTOR CAPITAL LP with ownership of 2,853,002, which is approximately 25.557% of the company’s market cap and around 1.80% of the total institutional ownership; METEORA CAPITAL, LLC, holding 1,454,512 shares of the stock with an approximate value of $14.72 million in CND stocks shares; and 683 CAPITAL MANAGEMENT, LLC, currently with $13.56 million in CND stock with ownership of nearly 0% of the company’s market capitalization.

31 institutional holders increased their position in Concord Acquisition Corp [NYSE:CND] by around 5,750,113 shares. Additionally, 29 investors decreased positions by around 3,934,547 shares, while 25 investors held positions by with 9,998,270 shares. The mentioned changes placed institutional holdings at 19,682,930 shares, according to the latest SEC report filing. CND stock had 18 new institutional investments in for a total of 2,663,421 shares, while 14 institutional investors sold positions of 2,962,377 shares during the same period.

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