IB Acquisition (NASDAQ:IBAC) Shares Down 0.1% - Here's What Happened

Key Points

• IB Acquisition shares slipped 0.1% on Thursday, trading as low as $10.75 and ending near $10.776 after lighter-than-average volume of 1,690 shares.
• Analyst sentiment remains cautious, with Weiss Ratings reiterating a “hold (c-)” and MarketBeat showing an overall average rating of Hold.
• The SPAC reported a quarterly loss of $0.11 per share and continues to operate without revenues while it searches for a target business combination.

IB Acquisition Corp. (NASDAQ:IBAC - Get Free Report) shares traded down 0.1% on Thursday . The company traded as low as $10.75 and last traded at $10.7760. 1,690 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 2,058 shares. The stock had previously closed at $10.79.

Analyst Ratings Changes

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

IB Acquisition Stock Performance

The company has a 50-day simple moving average of $10.76 and a two-hundred day simple moving average of $10.69.

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

Institutional Trading of IB Acquisition

A number of large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC bought a new position in shares of IB Acquisition in the 2nd quarter valued at about $135,000. Virtu Financial LLC bought a new stake in shares of IB Acquisition in the 3rd quarter valued at about $260,000. Flow Traders U.S. LLC raised its holdings in shares of IB Acquisition by 22.9% in 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 during the period. PenderFund Capital Management Ltd. bought a new stake in shares of IB Acquisition in the 3rd quarter valued at about $230,000. Finally, Susquehanna International Group LLP lifted its stake in IB Acquisition by 60.0% in the 3rd quarter. Susquehanna International Group LLP now owns 25,111 shares of the company's stock valued at $264,000 after purchasing an additional 9,416 shares during the last quarter.

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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