Short Interest in Indigo Acquisition Corp. (NASDAQ:INAC) Drops By 81.7%

Indigo Acquisition Corp. (NASDAQ:INAC) saw a significant drop in short interest in July. As of July 31st, there was short interest totaling 134 shares, a drop of 81.7% from the July 15th total of 733 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average trading volume of 4,996 shares, the short-interest ratio is currently 0.0 days.

Indigo Acquisition Trading Up 0.4%

Indigo Acquisition stock traded up $0.04 during midday trading on Thursday, reaching $10.35. 1,132 shares of the stock traded hands, compared to its average volume of 14,697. The business’s fifty day moving average price is $10.26. Indigo Acquisition has a 12 month low of $9.94 and a 12 month high of $10.35.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Evercore Wealth Management LLC purchased a new stake in Indigo Acquisition during the fourth quarter valued at $108,000. Toronto Dominion Bank grew its stake in shares of Indigo Acquisition by 16.4% in the 4th quarter. Toronto Dominion Bank now owns 59,658 shares of the company’s stock worth $600,000 after buying an additional 8,400 shares in the last quarter. Heights Capital Management Inc. purchased a new position in shares of Indigo Acquisition in the 4th quarter worth $1,008,000. Sona Asset Management US LLC bought a new stake in shares of Indigo Acquisition in the 1st quarter worth about $1,611,000. Finally, Bulldog Investors LLP increased its holdings in shares of Indigo Acquisition by 9.1% in the 4th quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock worth $1,790,000 after buying an additional 14,906 shares during the last quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Indigo Acquisition from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Indigo Acquisition has an average rating of “Sell”.

About Indigo Acquisition

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.