IB Acquisition (NASDAQ:IBAC) Shares Down 0.2% – Here’s What Happened

Shares of IB Acquisition Corp. (NASDAQ:IBAC) dropped 0.2% on Tuesday . The stock traded as low as $10.71 and last traded at $10.72. Approximately 1,480 shares changed hands during trading, a decline of 74% from the average daily volume of 5,603 shares. The stock had previously closed at $10.74.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

IB Acquisition Trading Down 0.2%

The company has a 50 day simple moving average of $10.56 and a 200 day simple moving average of $10.52.

IB Acquisition (NASDAQ:IBAC) last issued its quarterly earnings results on Monday, December 29th. The company reported $0.06 earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On IB Acquisition

Hedge funds have recently modified their holdings of the business. Virtu Financial LLC lifted its stake in shares of IB Acquisition by 70.9% in the fourth quarter. Virtu Financial LLC now owns 42,298 shares of the company’s stock worth $444,000 after buying an additional 17,548 shares in the last quarter. HRT Financial LP acquired a new stake in IB Acquisition in the 4th quarter valued at about $409,000. ABC Arbitrage SA purchased a new position in IB Acquisition in the 4th quarter worth approximately $210,000. Wolverine Asset Management LLC boosted its holdings in shares of IB Acquisition by 40.0% during the 4th quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock worth $1,470,000 after purchasing an additional 40,000 shares during the last quarter. Finally, Susquehanna International Group LLP boosted its holdings in shares of IB Acquisition by 60.0% during 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 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.