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

Indigo Acquisition Corp. (NASDAQ:INAC) was the recipient of a significant drop in short interest during the month of July. As of July 15th, there was short interest totaling 733 shares, a drop of 45.6% from the June 30th total of 1,348 shares. Based on an average daily trading volume, of 6,411 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the shares of the company are short sold.

Indigo Acquisition Stock Up 0.3%

Shares of NASDAQ:INAC traded up $0.03 during midday trading on Friday, hitting $10.31. The stock had a trading volume of 2,367 shares, compared to its average volume of 6,078. Indigo Acquisition has a 1 year low of $9.93 and a 1 year high of $10.30. The company’s 50 day moving average price is $10.25.

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

Institutional Trading of Indigo Acquisition

Hedge funds have recently modified their holdings of the business. Toronto Dominion Bank raised its position in 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 acquiring an additional 8,400 shares in the last quarter. Evercore Wealth Management LLC purchased a new stake in shares of Indigo Acquisition during the 4th quarter worth $108,000. Bulldog Investors LLP grew its stake in shares of Indigo Acquisition by 9.1% during the 4th quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock worth $1,790,000 after purchasing an additional 14,906 shares during the period. Rivernorth Capital Management LLC grew its stake in shares of Indigo Acquisition by 10.4% during the 4th quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company’s stock worth $3,447,000 after purchasing an additional 32,426 shares during the period. Finally, Heights Capital Management Inc. purchased a new position in shares of Indigo Acquisition in the 4th quarter valued at about $1,008,000.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Indigo Acquisition in a research note on Monday, June 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Indigo Acquisition 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.