StoneBridge Acquisition (NASDAQ:APAC) Stock Falls 0.1% – What’s Next?

StoneBridge Acquisition Co. (NASDAQ:APAC) shares were down 0.1% during trading on Wednesday. The company traded as low as $10.30 and last traded at $10.3250. Approximately 15,234 shares were traded during trading, a decline of 24% from the average session volume of 19,938 shares. The stock had previously closed at $10.34.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded StoneBridge Acquisition from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

StoneBridge Acquisition Stock Performance

The firm’s 50 day moving average is $10.27 and its 200-day moving average is $10.14.

StoneBridge Acquisition (NASDAQ:APAC) last released its earnings results on Friday, August 14th. The company reported $0.04 EPS for the quarter.

Institutional Investors Weigh In On StoneBridge Acquisition

Several hedge funds have recently made changes to their positions in APAC. SkyView Investment Advisors LLC acquired a new position in StoneBridge Acquisition in the second quarter valued at $504,000. Rivernorth Capital Management LLC acquired a new stake in StoneBridge Acquisition in the 1st quarter worth about $4,970,000. Finally, Sona Asset Management US LLC acquired a new stake in StoneBridge Acquisition in the 1st quarter worth about $1,177,000. Institutional investors and hedge funds own 19.18% of the company’s stock.

About StoneBridge Acquisition

StoneBridge Acquisition Corporation (NASDAQ: APAC) is a special purpose acquisition company, or SPAC, established to identify and combine with an operating business through a merger, share exchange, asset acquisition, or similar transaction.

Unlike an operating company, StoneBridge Acquisition does not primarily sell products or services of its own. Its activities have centered on raising capital through a public offering, placing those funds in trust, and evaluating potential acquisition targets.