Rivernorth Capital Management LLC Invests $5.06 Million in IG Acquisition Corp. $IGAC

Key Points

• Rivernorth Capital Management acquired 511,268 shares of IG Acquisition Corp., worth approximately $5.06 million, giving it a 5.09% stake.
• Institutional ownership stands at 38.82%, with several other funds—including Adage Capital Partners and Radcliffe Capital Management—also establishing significant positions.
• IGAC shares were trading near $10.03, while the company reported quarterly earnings of $0.06 per share and maintained a “Sell” consensus rating from analysts.

Rivernorth Capital Management LLC purchased a new position in IG Acquisition Corp. (NASDAQ:IGAC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 511,268 shares of the company's stock, valued at approximately $5,062,000. Rivernorth Capital Management LLC owned approximately 5.09% of IG Acquisition at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. purchased a new position in IG Acquisition in the fourth quarter worth about $13,284,000. Radcliffe Capital Management L.P. bought a new stake in shares of IG Acquisition during the fourth quarter valued at approximately $5,412,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of IG Acquisition during the first quarter valued at approximately $4,970,000. First Trust Capital Management L.P. purchased a new position in IG Acquisition in the 4th quarter worth approximately $4,920,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in IG Acquisition in the 4th quarter valued at approximately $3,936,000. 38.82% of the stock is owned by hedge funds and other institutional investors.

IG Acquisition Stock Performance

IG Acquisition stock opened at $10.03 on Wednesday. IG Acquisition Corp. has a 52-week low of $9.82 and a 52-week high of $10.05. The business has a 50-day simple moving average of $10.02 and a two-hundred day simple moving average of $9.96.

IG Acquisition (NASDAQ:IGAC - Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The company reported $0.06 earnings per share for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded IG Acquisition from a "sell (e-)" rating to a "sell (e)" rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, IG Acquisition presently has a consensus rating of "Sell".

IG Acquisition Company Profile

IG Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in New York, New York.

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