IB Acquisition (NASDAQ:IBAC) Shares Down 0.1% – Should You Sell?

IB Acquisition Corp. (NASDAQ:IBAC) shares traded down 0.1% on Thursday . The stock traded as low as $10.75 and last traded at $10.8150. 11,274 shares were traded during trading, an increase of 303% from the average session volume of 2,797 shares. The stock had previously closed at $10.83.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, IB Acquisition has a consensus rating of “Hold”.

IB Acquisition Price Performance

The stock’s 50-day moving average price is $10.74 and its 200 day moving average price is $10.58.

IB Acquisition (NASDAQ:IBAC) last released its quarterly earnings results on Monday, December 29th. The company reported $0.06 EPS for the quarter.

Insider Activity at IB Acquisition

In other 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 $11,912.40. This trade represents a 99.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On IB Acquisition

A number of institutional investors have recently modified their holdings of IBAC. Jane Street Group LLC bought a new stake in IB Acquisition in the 2nd quarter valued at $135,000. ABC Arbitrage SA bought a new stake in IB Acquisition in the 4th quarter valued at $210,000. PenderFund Capital Management Ltd. bought a new stake in IB Acquisition in the 3rd quarter valued at $230,000. Flow Traders U.S. LLC boosted its holdings in IB Acquisition by 22.9% in the 3rd quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock valued at $243,000 after purchasing an additional 4,301 shares during the period. Finally, Virtu Financial LLC bought a new stake in IB Acquisition in the 3rd quarter valued at $260,000.

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.