IB Acquisition (NASDAQ:IBAC) Shares Up 0.2% – Time to Buy?

IB Acquisition Corp. (NASDAQ:IBAC) shot up 0.2% during mid-day trading on Friday . The company traded as high as $10.73 and last traded at $10.75. 5,411 shares were traded during mid-day trading, a decline of 7% from the average session volume of 5,800 shares. The stock had previously closed at $10.73.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised 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, According to data from MarketBeat.com, IB Acquisition currently has a consensus rating of “Hold”.

IB Acquisition Price Performance

The stock’s 50 day moving average price is $10.76 and its two-hundred day moving average price is $10.62.

IB Acquisition (NASDAQ:IBAC) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.11) earnings per share for the quarter.

Insider Buying and Selling at IB Acquisition

In related news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $10.80, for a total transaction of $3,618,000.00. Following the completion of the transaction, the insider owned 1,103 shares of the company’s stock, valued at approximately $11,912.40. The trade was a 99.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hedge Funds Weigh In On IB Acquisition

Several large investors have recently made changes to their positions in the business. DLD Asset Management LP acquired a new position in IB Acquisition during the 3rd quarter valued at $2,525,000. Clear Street Group Inc. acquired a new position in IB Acquisition during the 3rd quarter valued at $1,116,000. RiverPark Advisors LLC raised its stake in IB Acquisition by 49.8% during the 3rd quarter. RiverPark Advisors LLC now owns 246,281 shares of the company’s stock valued at $2,611,000 after purchasing an additional 81,833 shares during the last quarter. Crossingbridge Advisors LLC raised its stake in IB Acquisition by 10.8% during the 3rd quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock valued at $5,081,000 after purchasing an additional 46,833 shares during the last quarter. Finally, Wolverine Asset Management LLC raised its stake in IB Acquisition by 40.0% during the 4th quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock valued at $1,470,000 after purchasing an additional 40,000 shares during the last quarter.

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.