IB Acquisition (NASDAQ:IBAC) Stock Price Down 0.5% – Here’s What Happened

Shares of IB Acquisition Corp. (NASDAQ:IBAC) fell 0.5% during mid-day trading on Friday . The company traded as low as $10.45 and last traded at $10.45. 91 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,576 shares. The stock had previously closed at $10.50.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of IB Acquisition in a report on Monday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

IB Acquisition Stock Down 0.5%

The business has a 50 day moving average of $10.45 and a 200 day moving average of $10.49.

Insider Activity at IB Acquisition

In other news, major shareholder Aqr Capital Management Holding sold 195,806 shares of the firm’s stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $10.44, for a total value of $2,044,214.64. Following the completion of the sale, the insider directly owned 2,162 shares of the company’s stock, valued at approximately $22,571.28. This trade represents a 98.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On IB Acquisition

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Susquehanna International Group LLP boosted its stake in IB Acquisition by 60.0% in the 3rd quarter. Susquehanna International Group LLP now owns 25,111 shares of the company’s stock worth $264,000 after purchasing an additional 9,416 shares in the last quarter. PenderFund Capital Management Ltd. purchased a new position in IB Acquisition in the third quarter worth about $230,000. Flow Traders U.S. LLC lifted its stake in shares of IB Acquisition by 22.9% in the third quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock worth $243,000 after buying an additional 4,301 shares in the last quarter. Clear Street Group Inc. purchased a new stake in shares of IB Acquisition during the third quarter valued at approximately $1,116,000. Finally, Virtu Financial LLC bought a new stake in shares of IB Acquisition during the third quarter valued at approximately $260,000.

About IB Acquisition

IB Acquisition Corp (NASDAQ: IBAC) is a special purpose acquisition company (SPAC) formed with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company does not generate any operating revenues and its business plan is entirely dependent on identifying or acquiring a suitable target business in accordance with its charter.

Incorporated in Delaware in 2021, IB Acquisition Corp completed its initial public offering later that year, raising capital that is held in a trust account pending the identification and closing of a business combination.