Sona Asset Management US LLC Buys New Position in IG Acquisition Corp. $IGAC

Key Points

• Sona Asset Management US LLC acquired 131,000 shares of IG Acquisition Corp., worth approximately $1.3 million, giving it a 1.31% stake. Institutional investors collectively own 38.82% of the company.
• IGAC shares were largely stable at $10.03, near their 50-day and 200-day moving averages, and reported quarterly earnings of $0.06 per share.
• Analyst sentiment remains negative: IG Acquisition has a consensus “Sell” rating, despite Weiss Ratings upgrading its rating slightly from “sell (e-)” to “sell (e).”

Sona Asset Management US LLC purchased a new position in shares of IG Acquisition Corp. (NASDAQ:IGAC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 131,000 shares of the company's stock, valued at approximately $1,297,000. Sona Asset Management US LLC owned approximately 1.31% of IG Acquisition at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. DLD Asset Management LP purchased a new position in IG Acquisition during the 1st quarter worth $1,238,000. Radcliffe Capital Management L.P. purchased a new stake in shares of IG Acquisition in the fourth quarter valued at about $5,412,000. Governors Lane LP purchased a new stake in shares of IG Acquisition in the fourth quarter valued at about $492,000. Gritstone Asset Management LLC bought a new position in shares of IG Acquisition during the first quarter valued at about $495,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of IG Acquisition during the fourth quarter valued at about $3,936,000. 38.82% of the stock is owned by hedge funds and other institutional investors.

IG Acquisition Stock Up 0.1%

Shares of IGAC opened at $10.03 on Monday. The stock has a 50 day moving average of $10.01 and a 200 day moving average of $9.96. IG Acquisition Corp. has a 12 month low of $9.82 and a 12 month high of $10.05.

IG Acquisition (NASDAQ:IGAC - Get Free Report) last posted 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 shares of IG Acquisition from a "sell (e-)" rating to a "sell (e)" rating in a report on Monday, June 1st. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock 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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