IB Acquisition Corp. (NASDAQ:IBAC) Short Interest Update

IB Acquisition Corp. (NASDAQ:IBAC) saw a significant growth in short interest in May. As of May 15th, there was short interest totaling 5,344 shares, a growth of 132.1% from the April 30th total of 2,302 shares. Based on an average trading volume of 7,553 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.1% of the company’s shares are short sold.

IB Acquisition Stock Performance

Shares of NASDAQ IBAC traded up $0.05 during trading hours on Tuesday, reaching $10.78. 8,995 shares of the stock traded hands, compared to its average volume of 5,723. IB Acquisition has a 52-week low of $10.39 and a 52-week high of $11.45. The company’s 50-day simple moving average is $10.76 and its two-hundred day simple moving average is $10.62.

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

Insider Activity

In other IB Acquisition news, major shareholder Aqr Capital Management Holding sold 335,000 shares of IB Acquisition stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $10.80, for a total value of $3,618,000.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Institutional Trading of IB Acquisition

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC lifted its holdings in IB Acquisition by 70.9% during the fourth quarter. Virtu Financial LLC now owns 42,298 shares of the company’s stock valued at $444,000 after purchasing an additional 17,548 shares in the last quarter. HRT Financial LP acquired a new stake in IB Acquisition during the 4th quarter worth $409,000. ABC Arbitrage SA purchased a new stake in shares of IB Acquisition in the 4th quarter valued at approximately $210,000. Wolverine Asset Management LLC lifted its position 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 buying an additional 40,000 shares during the last quarter. Finally, Susquehanna International Group LLP lifted its holdings in shares of IB Acquisition by 60.0% during the third 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 period.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of IB Acquisition in a research report on Friday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold”.

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.