Indigo Acquisition Corp. (NASDAQ:INAC) Short Interest Update

Indigo Acquisition Corp. (NASDAQ:INAC) was the target of a large decline in short interest in the month of April. As of April 30th, there was short interest totaling 1,322 shares, a decline of 52.3% from the April 15th total of 2,773 shares. Based on an average trading volume of 3,204 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.0% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in INAC. Evercore Wealth Management LLC bought a new position in shares of Indigo Acquisition in the fourth quarter worth $108,000. Toronto Dominion Bank increased its holdings in shares of Indigo Acquisition by 16.4% in the fourth quarter. Toronto Dominion Bank now owns 59,658 shares of the company’s stock worth $600,000 after purchasing an additional 8,400 shares during the period. Heights Capital Management Inc. bought a new position in Indigo Acquisition in the fourth quarter valued at $1,008,000. Bulldog Investors LLP increased its stake in Indigo Acquisition by 9.1% in the fourth quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock valued at $1,790,000 after acquiring an additional 14,906 shares during the last quarter. Finally, Westchester Capital Management LLC bought a new position in Indigo Acquisition in the fourth quarter valued at $2,520,000.

Indigo Acquisition Stock Performance

Shares of Indigo Acquisition stock remained flat at $10.20 during trading on Friday. 129 shares of the stock traded hands, compared to its average volume of 16,928. Indigo Acquisition has a 52-week low of $9.92 and a 52-week high of $10.20. The stock has a 50 day moving average of $10.16.

Indigo Acquisition (NASDAQ:INAC) last released its quarterly earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings started coverage on shares of Indigo Acquisition in a report on Wednesday, April 1st. They set a “sell (d-)” rating on the stock. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Indigo Acquisition Company Profile

Indigo Acquisition (NASDAQ: INAC) is a special purpose acquisition company (SPAC) formed to raise capital through a public offering and to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a blank-check vehicle, the company’s principal activity is identifying and evaluating acquisition targets rather than operating a traditional commercial enterprise. Funds raised in the offering are typically held in a trust account pending completion of a qualifying business combination.

Like other SPACs, Indigo Acquisition’s activities center on sourcing, negotiating and completing a strategic combination that can provide a private operating company with access to public markets.