Rising Dragon Acquisition (NASDAQ:RDAC) Trading 4.7% Higher – Still a Buy?

Shares of Rising Dragon Acquisition Corp. (NASDAQ:RDAC) rose 4.7% during trading on Friday . The company traded as high as $6.00 and last traded at $5.6550. Approximately 2,558 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 5,761 shares. The stock had previously closed at $5.40.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Rising Dragon Acquisition in a report on Tuesday, June 30th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Rising Dragon Acquisition Price Performance

The firm has a 50-day moving average price of $7.20 and a 200-day moving average price of $6.88.

Rising Dragon Acquisition (NASDAQ:RDAC) last released its quarterly earnings results on Monday, March 30th. The company reported $0.06 earnings per share for the quarter.

Institutional Trading of Rising Dragon Acquisition

A number of hedge funds have recently modified their holdings of RDAC. Berkley W R Corp grew its position in shares of Rising Dragon Acquisition by 2.2% in the 3rd quarter. Berkley W R Corp now owns 234,708 shares of the company’s stock worth $2,446,000 after buying an additional 5,002 shares during the period. Goldman Sachs Group Inc. boosted its stake in Rising Dragon Acquisition by 147.9% during the first quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock worth $1,430,000 after acquiring an additional 83,700 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Rising Dragon Acquisition during the third quarter worth about $520,000. Finally, Clear Street Group Inc. boosted its stake in Rising Dragon Acquisition by 281.7% during the fourth quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock worth $337,000 after acquiring an additional 23,842 shares in the last quarter.

About Rising Dragon Acquisition

Rising Dragon Acquisition Corp (NASDAQ: RDAC) is a special purpose acquisition company, or SPAC, incorporated in the Cayman Islands in November 2020 to pursue a merger, share exchange, asset acquisition or other business combination. The company held its initial public offering in February 2021, raising funds aimed at financing acquisitions and related transaction expenses.

Rising Dragon Acquisition focuses on identifying high-growth opportunities in Asia, targeting sectors such as technology, media, telecommunications, healthcare and consumer products.