IB Acquisition Corp. (NASDAQ:IBAC) Sees Large Decline in Short Interest

Key Points

• IB Acquisition Corp. (NASDAQ:IBAC) experienced a 14.3% decrease in short interest in July, with total short interest falling to 600 shares.
• Multiple hedge funds have adjusted their positions, with notable purchases including a new stake from Toronto Dominion Bank valued at approximately $7.5 million and a significant 705.7% increase in holdings by Berkley W R Corp.
• The stock price of IB Acquisition Corp. remains stable at $10.47, with a current 50-day and 200-day moving average also at $10.47 and $10.35, respectively.

IB Acquisition Corp. (NASDAQ:IBAC - ) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 600 shares, a drop of 14.3% from the June 30th total of 700 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average trading volume of 8,700 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank bought a new stake in IB Acquisition during the fourth quarter valued at approximately $7,507,000. Wolverine Asset Management LLC raised its position in shares of IB Acquisition by 16.6% during the 1st quarter. Wolverine Asset Management LLC now owns 662,496 shares of the company's stock valued at $6,824,000 after buying an additional 94,209 shares in the last quarter. Crossingbridge Advisors LLC lifted its holdings in shares of IB Acquisition by 23.7% during the 4th quarter. Crossingbridge Advisors LLC now owns 455,320 shares of the company's stock worth $4,612,000 after acquiring an additional 87,100 shares during the last quarter. Tabor Asset Management LP bought a new stake in shares of IB Acquisition during the 1st quarter worth $2,064,000. Finally, Berkley W R Corp grew its position in IB Acquisition by 705.7% in the fourth quarter. Berkley W R Corp now owns 198,675 shares of the company's stock worth $2,012,000 after acquiring an additional 174,016 shares in the last quarter.

IB Acquisition Stock Down 0.0%

Shares of NASDAQ:IBAC opened at $10.47 on Wednesday. The company has a 50 day moving average of $10.47 and a 200 day moving average of $10.35. IB Acquisition has a 12 month low of $9.98 and a 12 month high of $10.53.

IB Acquisition Company Profile

IB Acquisition Corp. is a blank check company. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. IB Acquisition Corp. is based in Boca Raton, Florida.

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