IB Acquisition Corp. (NASDAQ:IBAC) Short Interest Down 86.8% in July

IB Acquisition Corp. (NASDAQ:IBAC) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 505 shares, a decrease of 86.8% from the July 15th total of 3,836 shares. Based on an average daily volume of 463 shares, the short-interest ratio is currently 1.1 days. Approximately 0.0% of the shares of the company are short sold.

Institutional Investors Weigh In On IB Acquisition

A number of institutional investors have recently bought and sold shares of IBAC. Wolverine Asset Management LLC lifted its holdings 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. HRT Financial LP bought a new position in shares of IB Acquisition in the fourth quarter valued at approximately $409,000. Virtu Financial LLC bought a new stake in IB Acquisition during the 3rd quarter worth approximately $260,000. PenderFund Capital Management Ltd. acquired a new position in IB Acquisition in the third quarter worth $230,000. Finally, ABC Arbitrage SA bought a new position in shares of IB Acquisition in the fourth quarter valued at about $210,000.

IB Acquisition Trading Down 0.2%

IB Acquisition stock traded down $0.02 during trading hours on Thursday, hitting $10.80. The stock had a trading volume of 107 shares, compared to its average volume of 8,869. The company has a 50-day moving average of $10.76 and a two-hundred day moving average of $10.73. IB Acquisition has a fifty-two week low of $10.19 and a fifty-two week high of $11.45.

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

Analyst Upgrades and Downgrades

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

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.