Rivernorth Capital Management LLC Makes New $5.06 Million Investment in IG Acquisition Corp. $IGAC

Rivernorth Capital Management LLC acquired a new position in IG Acquisition Corp. (NASDAQ:IGAC) during the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 511,268 shares of the company’s stock, valued at approximately $5,062,000. Rivernorth Capital Management LLC owned approximately 0.05% of IG Acquisition as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in IGAC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in IG Acquisition in the 4th quarter worth approximately $3,936,000. StoneX Group Inc. purchased a new position in IG Acquisition during the fourth quarter valued at approximately $1,121,000. First Trust Capital Management L.P. bought a new position in shares of IG Acquisition in the fourth quarter worth approximately $4,920,000. Hudson Bay Capital Management LP bought a new position in shares of IG Acquisition in the fourth quarter worth approximately $2,523,000. Finally, Berkley W R Corp purchased a new stake in shares of IG Acquisition in the fourth quarter worth $975,000. 38.82% of the stock is currently owned by institutional investors.

IG Acquisition Price Performance

NASDAQ IGAC opened at $10.03 on Wednesday. IG Acquisition Corp. has a 12 month low of $9.82 and a 12 month high of $10.05. The stock’s 50 day moving average is $10.02 and its 200 day moving average is $9.96.

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of IG Acquisition from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, IG Acquisition has a consensus 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.