Perfect Moment (NASDAQ:PMNT) Price Target Cut to $0.40 by Analysts at Maxim Group

Perfect Moment (NASDAQ:PMNT) had its target price reduced by stock analysts at Maxim Group from $1.50 to $0.40 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s target price would suggest a potential upside of 240.43% from the company’s current price.

Perfect Moment Price Performance

Shares of NASDAQ:PMNT remained flat at $0.12 during trading on Tuesday. 99,946 shares of the stock traded hands, compared to its average volume of 5,878,337. The stock has a fifty day simple moving average of $0.23 and a 200 day simple moving average of $0.29. The firm has a market cap of $6.14 million, a P/E ratio of -0.09 and a beta of -1.92. Perfect Moment has a 52 week low of $0.07 and a 52 week high of $0.72.

Hedge Funds Weigh In On Perfect Moment

An institutional investor recently raised its stake in Perfect Moment stock. US Bancorp DE lifted its position in shares of Perfect Moment Ltd. (NASDAQ:PMNT) by 82.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 910,225 shares of the company’s stock after purchasing an additional 410,225 shares during the period. US Bancorp DE owned about 2.59% of Perfect Moment worth $401,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 23.00% of the company’s stock.

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.