Crossingbridge Advisors LLC Buys 46,833 Shares of IB Acquisition Corp. $IBAC

Crossingbridge Advisors LLC boosted its stake in shares of IB Acquisition Corp. (NASDAQ:IBAC) by 10.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 482,223 shares of the company’s stock after acquiring an additional 46,833 shares during the period. IB Acquisition accounts for about 2.3% of Crossingbridge Advisors LLC’s portfolio, making the stock its 10th biggest position. Crossingbridge Advisors LLC owned about 3.51% of IB Acquisition worth $5,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Separately, Jane Street Group LLC bought a new stake in shares of IB Acquisition during the 2nd quarter valued at $135,000.

IB Acquisition Stock Performance

NASDAQ IBAC opened at $10.72 on Monday. The firm’s 50 day simple moving average is $10.58 and its 200 day simple moving average is $10.52. IB Acquisition Corp. has a 1 year low of $10.25 and a 1 year high of $11.45.

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

IB Acquisition 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.