IB Acquisition (NASDAQ:IBAC) Shares Down 0.1% – Time to Sell?

IB Acquisition Corp. (NASDAQ:IBAC) traded down 0.1% during trading on Thursday . The company traded as low as $10.75 and last traded at $10.8150. 11,274 shares traded hands during mid-day trading, an increase of 303% from the average session volume of 2,797 shares. The stock had previously closed at $10.83.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold”.

IB Acquisition Stock Down 0.1%

The business has a 50 day moving average price of $10.74 and a 200 day moving average price of $10.58.

IB Acquisition (NASDAQ:IBAC) last released its earnings results on Monday, December 29th. The company reported $0.06 EPS for the quarter.

Insider Activity at IB Acquisition

In other news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $10.80, for a total value of $3,618,000.00. Following the sale, the insider directly owned 1,103 shares of the company’s stock, valued at approximately $11,912.40. This represents a 99.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On IB Acquisition

Several institutional investors have recently modified their holdings of the business. Crossingbridge Advisors LLC boosted its position in shares of IB Acquisition by 10.8% during the third quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock valued at $5,081,000 after buying an additional 46,833 shares during the last quarter. RiverPark Advisors LLC boosted its position in shares of IB Acquisition by 49.8% during the third quarter. RiverPark Advisors LLC now owns 246,281 shares of the company’s stock valued at $2,611,000 after buying an additional 81,833 shares during the last quarter. DLD Asset Management LP purchased a new stake in shares of IB Acquisition during the third quarter valued at $2,525,000. Wolverine Asset Management LLC boosted its position in shares of IB Acquisition by 40.0% during the fourth quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock valued at $1,470,000 after buying an additional 40,000 shares during the last quarter. Finally, Clear Street Group Inc. purchased a new stake in shares of IB Acquisition during the third quarter valued at $1,116,000.

IB Acquisition Company Profile

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.