Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Short Interest Up 1,749.7% in August

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 35,663 shares, an increase of 1,749.7% from the August 15th total of 1,928 shares. Based on an average daily volume of 1,582,523 shares, the short-interest ratio is presently 0.0 days. Approximately 1.5% of the company’s shares are sold short.

Institutional Investors Weigh In On Rising Dragon Acquisition

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in Rising Dragon Acquisition by 147.9% in the first quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock worth $1,430,000 after purchasing an additional 83,700 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Rising Dragon Acquisition during the 3rd quarter valued at $520,000. Finally, Clear Street Group Inc. boosted its holdings in shares of Rising Dragon Acquisition by 281.7% during the 4th quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock valued at $337,000 after buying an additional 23,842 shares in the last quarter.

Rising Dragon Acquisition Price Performance

RDAC stock traded down $0.20 during trading on Thursday, reaching $5.56. The company had a trading volume of 54,351 shares, compared to its average volume of 386,572. Rising Dragon Acquisition has a 52 week low of $4.50 and a 52 week high of $23.99. The business has a 50 day moving average of $5.98 and a 200 day moving average of $6.32.

Rising Dragon Acquisition (NASDAQ:RDAC) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.04 earnings per share for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Rising Dragon Acquisition in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Rising Dragon Acquisition presently has a consensus rating of “Sell”.

About Rising Dragon Acquisition

Rising Dragon Acquisition Corp (NASDAQ: RDAC) is a special purpose acquisition company, or SPAC, incorporated in the Cayman Islands in November 2020 to pursue a merger, share exchange, asset acquisition or other business combination. The company held its initial public offering in February 2021, raising funds aimed at financing acquisitions and related transaction expenses.

Rising Dragon Acquisition focuses on identifying high-growth opportunities in Asia, targeting sectors such as technology, media, telecommunications, healthcare and consumer products.