Fortune Rise Acquisition Co. (NASDAQ:FRLA) Position Cut by Westchester Capital Management LLC

Westchester Capital Management LLC decreased its holdings in Fortune Rise Acquisition Co. (NASDAQ:FRLA) by 60.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 86,422 shares of the company’s stock after selling 130,088 shares during the quarter. Westchester Capital Management LLC owned 0.99% of Fortune Rise Acquisition worth $983,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Wolverine Asset Management LLC grew its position in Fortune Rise Acquisition by 32.1% in the 2nd quarter. Wolverine Asset Management LLC now owns 344,113 shares of the company’s stock valued at $3,871,000 after buying an additional 83,626 shares in the last quarter. Clear Street LLC boosted its holdings in shares of Fortune Rise Acquisition by 86.1% in the second quarter. Clear Street LLC now owns 251,793 shares of the company’s stock valued at $2,833,000 after acquiring an additional 116,523 shares in the last quarter. K2 Principal Fund L.P. increased its stake in shares of Fortune Rise Acquisition by 55.0% during the second quarter. K2 Principal Fund L.P. now owns 154,990 shares of the company’s stock valued at $1,744,000 after acquiring an additional 54,991 shares during the period. Tuttle Capital Management LLC bought a new stake in Fortune Rise Acquisition during the second quarter worth approximately $1,678,000. Finally, Spartan Fund Management Inc. lifted its position in Fortune Rise Acquisition by 56.3% in the third quarter. Spartan Fund Management Inc. now owns 133,462 shares of the company’s stock worth $1,519,000 after purchasing an additional 48,063 shares during the period. 52.89% of the stock is owned by institutional investors and hedge funds.

Fortune Rise Acquisition Stock Performance

Shares of FRLA stock opened at $11.65 on Friday. Fortune Rise Acquisition Co. has a 1 year low of $10.95 and a 1 year high of $12.00. The business’s fifty day moving average is $11.38 and its 200-day moving average is $11.31.

Insider Activity at Fortune Rise Acquisition

In related news, major shareholder Yakira Capital Management, Inc sold 372,000 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $11.51, for a total transaction of $4,281,720.00. Following the completion of the sale, the insider now directly owns 175,938 shares of the company’s stock, valued at $2,025,046.38. This represents a 67.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.

Fortune Rise Acquisition Company Profile

Fortune Rise Acquisition Corporation does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2021 and is based in Clearwater, Florida.