On August 15, 2023, Taconic Capital Advisors LP executed a significant transaction involving Churchill Capital Corp VI (CCVI, Financial). This article aims to provide an in-depth analysis of this transaction, the profile of Taconic Capital Advisors LP, and an overview of Churchill Capital Corp VI.
Details of the Transaction
Taconic Capital Advisors LP reduced its stake in Churchill Capital Corp VI by 14.35%, selling 525,000 shares at a trade price of $10.4 per share. This transaction had a -0.3% impact on the firm's portfolio. After the trade, Taconic Capital Advisors LP held a total of 3,134,784 shares in Churchill Capital Corp VI, representing 1.82% of their portfolio and 7.59% of Churchill Capital Corp VI's total shares.
Profile of Taconic Capital Advisors LP
Taconic Capital Advisors LP is a New York-based hedge fund sponsor established in 1999 by Frank Peter Brosens and Christopher Lord Delong, both former Goldman Sachs Partners. The firm follows a disciplined investment process that aims to identify investment opportunities with three distinct elements: inefficiencies, catalysts, and a margin of safety. Taconic Capital Advisors invests in the public equity and fixed income markets globally, with a significant focus on the consumer discretionary and information technology sectors. The firm holds its allocations for an average of 2.5 quarters and has a turnover rate of approximately 66.7%. As of the most recent quarter, Taconic Capital Advisors oversees over $9.8 billion in total assets under management spread across 16 total accounts. The firm's top holdings include Horizon Therapeutics PLC(HZNP, Financial), Life Storage Inc(LSI, Financial), Churchill Capital Corp VII(CVII, Financial), Churchill Capital Corp VI(CCVI, Financial), and Frontier Communications Parent Inc(FYBR, Financial).
Overview of Churchill Capital Corp VI
Churchill Capital Corp VI is a blank check company based in the USA. The company went public on April 5, 2021, and has a market capitalization of $430.447 million. The company's stock price stands at $10.42, with a PE percentage of 45.30. Since its IPO, the company's stock has gained 4.2%, and the year-to-date price change ratio stands at 4.3%. However, due to insufficient data, the GF Valuation and GF Value of the company cannot be evaluated.
Churchill Capital Corp VI's Financial Health
Churchill Capital Corp VI has a GF Score of 24/100, indicating poor future performance potential. The company's financial strength is ranked 10/10, while its profitability rank is 2/10. The company's growth rank, GF Value rank, and momentum rank are all 0/10 due to insufficient data. The company's Piotroski F-Score is 3, and its Altman Z score is 0.00. The company's cash to debt ratio is 1.56, and its interest coverage is 10000.00. The company's ROE and ROA are 3.21 and 3.05, respectively.
Churchill Capital Corp VI's Stock Performance
Churchill Capital Corp VI's stock performance is measured using various indicators. The company's RSI 5 Day, RSI 9 Day, and RSI 14 Day are 81.52, 70.85, and 66.45, respectively. The company's momentum index 6 - 1 month is 3.08, and its momentum index 12 - 1 month is 5.38. The company's RSI 14 Day rank is 535, and its momentum index 6 - 1 month rank is 268.
Conclusion
In conclusion, Taconic Capital Advisors LP's recent transaction involving Churchill Capital Corp VI represents a significant shift in the firm's portfolio. Despite the reduction in its stake, Churchill Capital Corp VI remains a key holding for Taconic Capital Advisors LP. The transaction's impact on the firm's portfolio and Churchill Capital Corp VI's stock will be closely monitored in the coming quarters.
