In my previous article on Forum Merger II (NASDAQ: FMCI) stock I said that shares could see $50 post-merger.
I am still standing behind those words, but having in mind recent HYLN selloff something similar may be expected with FMCI as well.
$FMCI merger passed! We are now Tattooed Chef— ♠️♥️ Albert Albay ♦️♣️ (@Albert_Albay) October 15, 2020
Even though FMCI is company that is positioned better than some other SPACs for a short term gain, recency bias could push the early investors to sell on ticker change.
While this is expected I still believe in Tattooed Chef business and their portfolio of products, some of them seen in Target as of lately and in other big chains across The U.S.
Conservatively I see TTCF stock going 2-2.5 times from where is it now in the next few months. More will be known after their next quarterly report but I am sure they will beat the expectations. This is one of those SPACs that is already very profitable with distribution in place, so I am sure there will be only a short roller coaster ride followed by a strong rally.
At the end of the last market close, Forum Merger II Corporation (FMCI) stock was valued at $ 26. 18. In this particular session, shares started at $ 25.40 when it peaked at $26. 29.
Forum Merger II Corporation performed reasonably well in terms of market performance. The 1 year high for the company’s stock is recorded at $ 28,64 on 09/18/20, with the lowest being $ 9,76.