IB Acquisition (NASDAQ:IBAC) Stock Price Down 0.1% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

IB Acquisition Trading Down 0.1%

The company’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 issued its quarterly earnings data on Friday, May 15th. The company reported ($0.11) earnings per share (EPS) for the quarter.

Institutional Trading of IB Acquisition

Institutional investors and hedge funds have recently made changes to their positions in the company. Crossingbridge Advisors LLC boosted its holdings in IB Acquisition by 10.8% in the third quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock valued at $5,081,000 after acquiring an additional 46,833 shares during the last quarter. RiverPark Advisors LLC lifted its stake in shares of IB Acquisition by 49.8% in the 3rd quarter. RiverPark Advisors LLC now owns 246,281 shares of the company’s stock valued at $2,611,000 after purchasing an additional 81,833 shares in the last quarter. DLD Asset Management LP acquired a new position in shares of IB Acquisition in the 3rd quarter valued at about $2,525,000. Wolverine Asset Management LLC grew its holdings in shares of IB Acquisition by 40.0% during the 4th quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock worth $1,470,000 after purchasing an additional 40,000 shares during the period. Finally, Clear Street Group Inc. purchased a new stake in shares of IB Acquisition during the 3rd quarter worth about $1,116,000.

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.