IG Acquisition Corp. (NASDAQ:IGAC) Sees Large Drop in Short Interest

IG Acquisition Corp. (NASDAQ:IGAC) was the recipient of a significant decrease in short interest in June. As of June 15th, there was short interest totaling 791 shares, a decrease of 60.4% from the May 31st total of 1,995 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average daily volume of 653 shares, the days-to-cover ratio is presently 1.2 days.

Institutional Investors Weigh In On IG Acquisition

A number of large investors have recently bought and sold shares of IGAC. Rivernorth Capital Management LLC acquired a new position in shares of IG Acquisition in the first quarter worth $5,062,000. Polar Asset Management Partners Inc. purchased a new stake in IG Acquisition during the 1st quarter worth about $2,474,000. Sona Asset Management US LLC acquired a new position in IG Acquisition in the 1st quarter valued at about $1,297,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in IG Acquisition in the 1st quarter valued at about $4,970,000. Finally, DLD Asset Management LP purchased a new position in IG Acquisition in the 1st quarter valued at about $1,238,000. Institutional investors and hedge funds own 38.82% of the company’s stock.

IG Acquisition Stock Up 0.1%

IG Acquisition stock traded up $0.01 during trading hours on Monday, hitting $10.01. The stock had a trading volume of 409 shares, compared to its average volume of 32,597. IG Acquisition has a 1-year low of $9.82 and a 1-year high of $10.02. The stock’s fifty day moving average is $9.99 and its two-hundred day moving average is $9.95.

IG Acquisition (NASDAQ:IGAC) last issued its quarterly earnings data on Friday, May 15th. The company reported $0.06 EPS for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised IG Acquisition from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Sell rating, According to MarketBeat, IG Acquisition presently has an average rating of “Sell”.

IG Acquisition Company Profile

IG Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in New York, New York.