IB Acquisition (NASDAQ:IBAC) Trading Down 0.1% – Time to Sell?

IB Acquisition Corp. (NASDAQ:IBAC)’s stock price was down 0.1% during trading on Thursday . The company traded as low as $10.79 and last traded at $10.7810. Approximately 162 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 5,431 shares. The stock had previously closed at $10.79.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IB Acquisition in a research report on Friday, May 29th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

IB Acquisition Stock Performance

The business’s fifty day simple moving average is $10.76 and its two-hundred day simple moving average is $10.66.

IB Acquisition (NASDAQ:IBAC) last posted its earnings results on Friday, May 15th. The company reported ($0.11) EPS for the quarter.

Institutional Trading of IB Acquisition

A number of hedge funds and other institutional investors have recently made changes to their positions in IBAC. Virtu Financial LLC lifted its holdings in shares of IB Acquisition by 70.9% in the 4th 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 during the last quarter. HRT Financial LP purchased a new position in IB Acquisition during the 4th quarter worth approximately $409,000. ABC Arbitrage SA purchased a new position in IB Acquisition during the 4th quarter worth approximately $210,000. Wolverine Asset Management LLC increased its position in IB Acquisition by 40.0% during the fourth 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 period. Finally, Susquehanna International Group LLP lifted its stake in IB Acquisition by 60.0% in the third quarter. Susquehanna International Group LLP now owns 25,111 shares of the company’s stock valued at $264,000 after buying 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.