Market cap of Flame Acquisition Corp. [FLME] reaches 363.67M – now what?

Flame Acquisition Corp. [NYSE: FLME] surged by $0.08 during the normal trading session on Tuesday and reaching a high of $10.15 during the day while it closed the day at $10.13. The company report on November 2, 2022 that Flame Acquisition Corp. Announces Business Combination Transaction.

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Flame Acquisition Corp. (“Flame”) (NYSE: FLME, FLME.WS), a special purpose acquisition entity focused on the energy industry in North America, today announced an agreement to enter into a business combination with Sable Offshore Corp. (“Sable”). Sable has separately agreed to acquire oil and gas assets as part of the merger. After giving effect to the business combination, the company will be named Sable Offshore Corp.

Flame Acquisition Corp. stock has also gained 0.90% of its value over the past 7 days. However, FLME stock has inclined by 3.16% in the 3 months of the year. Over the past six months meanwhile, it has gained 3.58% and gained 4.22% year-on date.

The market cap for FLME stock reached $363.67 million, with 35.94 million shares outstanding and 28.23 million shares in the current float. Compared to the average trading volume of 219.47K shares, FLME reached a trading volume of 6221091 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Flame Acquisition Corp. [FLME]:

The Average True Range (ATR) for Flame Acquisition Corp. is set at 0.03 The Price to Book ratio for the last quarter was 1.28, with the Price to Cash per share for the same quarter was set at 0.00.

FLME stock trade performance evaluation

Flame Acquisition Corp. [FLME] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.90. With this latest performance, FLME shares gained by 1.71% in over the last four-week period, additionally plugging by 3.58% over the last 6 months – not to mention a rise of 3.68% 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 FLME stock in for the last two-week period is set at 86.66, with the RSI for the last a single of trading hit 90.58, and the three-weeks RSI is set at 83.27 for Flame Acquisition Corp. [FLME]. The present Moving Average for the last 50 days of trading for this stock 9.93, while it was recorded at 10.07 for the last single week of trading, and 9.82 for the last 200 days.

Flame Acquisition Corp. [FLME]: An insightful look at the core fundamentals

Return on Equity for this stock inclined to 3.11, with Return on Assets sitting at 2.96.

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

Flame Acquisition Corp. [FLME]: Insider Ownership positions

There are presently around $224 million, or 77.80% of FLME stock, in the hands of institutional investors. The top three institutional holders of FLME stocks are: SABA CAPITAL MANAGEMENT, L.P. with ownership of 2,705,783, which is approximately 62.922% of the company’s market cap and around 1.81% of the total institutional ownership; SCULPTOR CAPITAL LP, holding 1,570,609 shares of the stock with an approximate value of $15.91 million in FLME stocks shares; and HUDSON BAY CAPITAL MANAGEMENT LP, currently with $13.83 million in FLME stock with ownership of nearly 273.97% of the company’s market capitalization.

34 institutional holders increased their position in Flame Acquisition Corp. [NYSE:FLME] by around 4,350,182 shares. Additionally, 22 investors decreased positions by around 4,017,127 shares, while 38 investors held positions by with 13,725,499 shares. The mentioned changes placed institutional holdings at 22,092,808 shares, according to the latest SEC report filing. FLME stock had 11 new institutional investments in for a total of 1,237,681 shares, while 5 institutional investors sold positions of 1,451,569 shares during the same period.

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