IG Acquisition Corp. (NASDAQ:IGAC) Shares Shorted: Short Interest Up 226.3% in September

IG Acquisition Corp. (NASDAQ:IGAC) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totaling 4,806 shares, a growth of 226.3% from the September 15th total of 1,473 shares. Based on an average daily volume of 28,590 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the shares of the stock are sold short.

IG Acquisition Trading Up 0.1%

IG Acquisition stock traded up $0.01 during mid-day trading on Friday, hitting $10.12. The stock had a trading volume of 1,030 shares, compared to its average volume of 39,388. The firm’s 50 day moving average is $10.09 and its 200 day moving average is $10.02. IG Acquisition has a one year low of $9.82 and a one year high of $10.14.

IG Acquisition (NASDAQ:IGAC) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.05 earnings per share (EPS) for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of IG Acquisition from a “sell (e)” rating to a “sell (d-)” rating in a research report on Thursday, September 10th. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat, IG Acquisition has a consensus rating of “Sell”.

Hedge Funds Weigh In On IG Acquisition

A number of hedge funds have recently made changes to their positions in the business. TrueMark Investments LLC purchased a new stake in shares of IG Acquisition during the first quarter worth about $142,000. ABC Arbitrage SA bought a new stake in IG Acquisition during the 1st quarter valued at approximately $396,000. Governors Lane LP bought a new stake in IG Acquisition during the 4th quarter valued at approximately $492,000. Gritstone Asset Management LLC purchased a new position in IG Acquisition in the 1st quarter worth approximately $495,000. Finally, DLD Asset Management LP purchased a new position in IG Acquisition in the 1st quarter worth approximately $1,238,000. Institutional investors own 38.82% of the company’s stock.

IG Acquisition Company Profile

IG Acquisition Corp. (NASDAQ: IGAC) is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with one or more operating companies. Unlike an operating company, its primary activities are evaluating potential merger, acquisition, or similar opportunities.

The company does not operate a significant portfolio of products or services of its own. Its business strategy is centered on finding a suitable target company and completing a transaction that would result in the target becoming a publicly traded business.

IG Acquisition Corp.