IB Acquisition Corp. (NASDAQ:IBAC) Short Interest Down 86.8% in July

Key Points

• IB Acquisition’s short interest fell 86.8% in July to 505 shares, representing 0.0% of shares outstanding and a short-interest ratio of 1.1 days.
• Several institutional investors established or increased positions, including Jane Street, ABC Arbitrage, PenderFund, Flow Traders and Virtu Financial.
• IBAC shares recently traded at $10.82, near their 50-day and 200-day moving averages. The stock carries a consensus “Hold” rating, while the SPAC continues seeking a suitable business combination and reported quarterly EPS of negative $0.11.

IB Acquisition Corp. (NASDAQ:IBAC - Get Free Report) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 505 shares, a decrease of 86.8% from the July 15th total of 3,836 shares. Based on an average daily volume of 463 shares, the short-interest ratio is currently 1.1 days. Currently, 0.0% of the company's stock are short sold.

Institutional Trading of IB Acquisition

A number of hedge funds and other institutional investors have recently made changes to their positions in IBAC. Jane Street Group LLC bought a new position in IB Acquisition during the second quarter valued at about $135,000. ABC Arbitrage SA acquired a new stake in IB Acquisition in the 4th quarter valued at about $210,000. PenderFund Capital Management Ltd. bought a new position in shares of IB Acquisition during the 3rd quarter valued at about $230,000. Flow Traders U.S. LLC boosted its position in shares of IB Acquisition by 22.9% during the 3rd quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company's stock valued at $243,000 after purchasing an additional 4,301 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of IB Acquisition in the 3rd quarter worth approximately $260,000.

IB Acquisition Stock Performance

IB Acquisition stock traded up $0.01 during mid-day trading on Wednesday, reaching $10.82. The company's stock had a trading volume of 111 shares, compared to its average volume of 404. The business has a 50 day moving average price of $10.76 and a 200-day moving average price of $10.72. IB Acquisition has a twelve month low of $10.19 and a twelve month high of $11.45.

IB Acquisition (NASDAQ:IBAC - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.11) EPS for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of IB Acquisition in a report on Friday, May 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, IB Acquisition presently has an average rating of "Hold".

IB Acquisition Company Profile

IB Acquisition Corp NASDAQ: IBAC is a special purpose acquisition company (SPAC) formed with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company does not generate any operating revenues and its business plan is entirely dependent on identifying or acquiring a suitable target business in accordance with its charter.

Incorporated in Delaware in 2021, IB Acquisition Corp completed its initial public offering later that year, raising capital that is held in a trust account pending the identification and closing of a business combination.

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