IB Acquisition (NASDAQ:IBAC) Shares Down 0.4% – Here’s What Happened

IB Acquisition Corp. (NASDAQ:IBAC)’s share price dropped 0.4% during mid-day trading on Monday . The stock traded as low as $10.55 and last traded at $10.5150. Approximately 338 shares changed hands during trading, a decline of 93% from the average daily volume of 5,173 shares. The stock had previously closed at $10.56.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of IB Acquisition in a report on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

IB Acquisition Stock Performance

The stock has a 50 day moving average price of $10.50 and a two-hundred day moving average price of $10.50.

Institutional Investors Weigh In On IB Acquisition

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC bought a new stake in shares of IB Acquisition in the second quarter valued at about $135,000. ABC Arbitrage SA acquired a new stake in IB Acquisition in the 4th quarter worth about $210,000. PenderFund Capital Management Ltd. bought a new stake in IB Acquisition in the 3rd quarter valued at about $230,000. Flow Traders U.S. LLC boosted its holdings in IB Acquisition by 22.9% in the 3rd quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock valued at $243,000 after purchasing an additional 4,301 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of IB Acquisition during the 3rd quarter worth approximately $260,000.

IB Acquisition Company Profile

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.