Sona Asset Management US LLC Takes $1.61 Million Position in Indigo Acquisition Corp. $INAC

Key Points

• Sona Asset Management US LLC acquired 158,059 shares of Indigo Acquisition Corp., worth approximately $1.61 million and representing about 1.23% of the company.
• Several other institutional investors also initiated or increased positions in Indigo Acquisition during the fourth quarter, including Westchester Capital Management, which acquired a stake valued at roughly $2.52 million.
• Indigo Acquisition has a consensus “Sell” rating from analysts. Its shares opened at $10.28, near the 12-month high of $10.30, while the SPAC reported quarterly earnings of $0.09 per share.

Sona Asset Management US LLC bought a new stake in shares of Indigo Acquisition Corp. (NASDAQ:INAC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 158,059 shares of the company's stock, valued at approximately $1,611,000. Sona Asset Management US LLC owned approximately 1.23% of Indigo Acquisition as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Evercore Wealth Management LLC acquired a new stake in Indigo Acquisition in the 4th quarter valued at about $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 purchasing an additional 8,400 shares during the last quarter. Heights Capital Management Inc. acquired a new position in shares of Indigo Acquisition in the 4th quarter worth approximately $1,008,000. Bulldog Investors LLP raised 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 purchasing an additional 14,906 shares in the last quarter. Finally, Westchester Capital Management LLC acquired a new stake in Indigo Acquisition during the fourth quarter valued at approximately $2,520,000.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Indigo Acquisition in a report on Monday, June 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Sell".

Indigo Acquisition Price Performance

Shares of NASDAQ INAC opened at $10.28 on Monday. Indigo Acquisition Corp. has a 12 month low of $9.92 and a 12 month high of $10.30. The company's fifty day moving average is $10.24.

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

Indigo Acquisition Company Profile

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.

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