Indigo Acquisition Corp. (NASDAQ:INAC) Sees Significant Decline in Short Interest

Indigo Acquisition Corp. (NASDAQ:INAC) was the target of a large 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 trading volume of 6,411 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.0% of the company’s shares are sold short.

Indigo Acquisition Trading Down 0.1%

NASDAQ:INAC traded down $0.01 on Wednesday, reaching $10.28. The company’s stock had a trading volume of 23,358 shares, compared to its average volume of 15,757. Indigo Acquisition has a 1-year low of $9.92 and a 1-year high of $10.30. The stock’s 50-day moving average price is $10.24.

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

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 analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INAC. Sona Asset Management US LLC acquired a new position in Indigo Acquisition during the first quarter valued at approximately $1,611,000. Rivernorth Capital Management LLC boosted its holdings in shares of Indigo Acquisition by 10.4% in the 4th quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company’s stock valued at $3,447,000 after buying an additional 32,426 shares during the last quarter. Westchester Capital Management LLC acquired a new stake in shares of Indigo Acquisition in the 4th quarter valued at approximately $2,520,000. Bulldog Investors LLP grew its stake in shares of Indigo Acquisition by 9.1% in the fourth quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock valued at $1,790,000 after buying an additional 14,906 shares in the last quarter. Finally, Heights Capital Management Inc. acquired a new position in Indigo Acquisition during the fourth quarter worth $1,008,000.

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.