IB Acquisition (NASDAQ:IBAC) Shares Up 0.1% – Here’s What Happened

IB Acquisition Corp. (NASDAQ:IBAC) shot up 0.1% during mid-day trading on Monday . The company traded as high as $10.54 and last traded at $10.53. 4,556 shares were traded during trading, an increase of 98% from the average session volume of 2,299 shares. The stock had previously closed at $10.52.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of IB Acquisition in a research report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to MarketBeat, IB Acquisition has an average rating of “Sell”.

IB Acquisition Stock Performance

The stock has a 50 day moving average price of $10.47 and a 200-day moving average price of $10.50.

Hedge Funds Weigh In On IB Acquisition

A number of large investors have recently bought and sold shares of the stock. Wolverine Asset Management LLC boosted its stake in shares of IB Acquisition by 6.7% during the second quarter. Wolverine Asset Management LLC now owns 706,796 shares of the company’s stock valued at $7,400,000 after purchasing an additional 44,300 shares during the period. Wealthspring Capital LLC raised its holdings in IB Acquisition by 82.0% during the 2nd quarter. Wealthspring Capital LLC now owns 657,565 shares of the company’s stock valued at $6,865,000 after buying an additional 296,357 shares during the last quarter. Clear Street LLC raised its holdings in IB Acquisition by 5,006.3% during the 2nd quarter. Clear Street LLC now owns 28,544 shares of the company’s stock valued at $299,000 after buying an additional 27,985 shares during the last quarter. Jane Street Group LLC purchased a new stake in IB Acquisition during the 2nd quarter valued at $135,000. Finally, Crossingbridge Advisors LLC grew its holdings in IB Acquisition by 10.8% in the 3rd quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock worth $5,081,000 after acquiring an additional 46,833 shares during the last quarter.

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.