ExcelFin Acquisition (NASDAQ:XFIN) Shares Down 18.2% – Here’s Why

ExcelFin Acquisition Corp. (NASDAQ:XFIN)’s share price fell 18.2% during mid-day trading on Monday . The stock traded as low as $9.03 and last traded at $9.24. 24,800 shares traded hands during mid-day trading, an increase of 27% from the average session volume of 19,485 shares. The stock had previously closed at $11.29.

ExcelFin Acquisition Price Performance

The company has a fifty day simple moving average of $10.54 and a 200-day simple moving average of $10.86.

Hedge Funds Weigh In On ExcelFin Acquisition

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cowen AND Company LLC acquired a new position in ExcelFin Acquisition in the 2nd quarter worth approximately $111,000. K2 Principal Fund L.P. lifted its holdings in shares of ExcelFin Acquisition by 63.1% in the first quarter. K2 Principal Fund L.P. now owns 83,988 shares of the company’s stock valued at $918,000 after purchasing an additional 32,500 shares in the last quarter. SkyView Investment Advisors LLC acquired a new stake in shares of ExcelFin Acquisition in the second quarter worth $1,105,000. Finally, Berkley W R Corp purchased a new position in shares of ExcelFin Acquisition during the first quarter valued at $1,801,000. Institutional investors and hedge funds own 19.78% of the company’s stock.

About ExcelFin Acquisition

ExcelFin Acquisition Corp. does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2021 and is based in Fort Mill, South Carolina.