Digital Asset Acquisition (NASDAQ:DAAQ) Shares Down 0.1% – Time to Sell?

Shares of Digital Asset Acquisition Corp. (NASDAQ:DAAQ) fell 0.1% during mid-day trading on Thursday. The stock traded as low as $10.47 and last traded at $10.47. Approximately 1,958 shares traded hands during trading, a decline of 96% from the average daily volume of 51,211 shares. The stock had previously closed at $10.48.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Digital Asset Acquisition from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Digital Asset Acquisition Price Performance

The company’s 50-day moving average is $9.85 and its 200 day moving average is $10.16.

Digital Asset Acquisition (NASDAQ:DAAQ) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.06 earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Cannon Global Investment Management LLC lifted its stake in Digital Asset Acquisition by 17.6% during the 1st quarter. Cannon Global Investment Management LLC now owns 19,400 shares of the company’s stock valued at $199,000 after acquiring an additional 2,900 shares during the period. Virtu Financial LLC acquired a new stake in shares of Digital Asset Acquisition in the fourth quarter worth $869,000. Lineage Point Capital LP acquired a new stake in shares of Digital Asset Acquisition in the fourth quarter worth $1,016,000. Sona Asset Management US LLC purchased a new position in shares of Digital Asset Acquisition during the first quarter worth $2,614,000. Finally, Radcliffe Capital Management L.P. raised its holdings in shares of Digital Asset Acquisition by 267.4% during the fourth quarter. Radcliffe Capital Management L.P. now owns 474,579 shares of the company’s stock worth $4,822,000 after purchasing an additional 345,411 shares during the last quarter.

About Digital Asset Acquisition

Digital Asset Acquisition Corp. is a special purpose acquisition company (SPAC) organized to identify and complete a business combination with one or more companies. Its stated focus is generally associated with businesses in the financial services and digital asset sectors, including companies involved in blockchain technology, cryptocurrency infrastructure and related services.

Unlike an operating company, Digital Asset Acquisition Corp. does not appear to have established products, services or a substantial operating business of its own.