IB Acquisition (NASDAQ:IBAC) Shares Down 0.1% - Time to Sell?

Key Points

• IB Acquisition shares were essentially flat on Thursday, slipping 0.1% to around $10.82, with trading volume well above average at 11,274 shares.
• Weiss Ratings upgraded the stock from “sell (d+)” to “hold (c-)”, aligning with MarketBeat’s overall consensus rating of “Hold.”
• Aqr Capital Management Holding sharply reduced its stake, selling 335,000 shares in a transaction valued at about $3.62 million, while the company remains a SPAC with no operating revenues and depends on finding a merger target.

IB Acquisition Corp. (NASDAQ:IBAC - Get Free Report)'s share price fell 0.1% during trading on Thursday . The company traded as low as $10.75 and last traded at $10.8150. 11,274 shares traded hands during trading, an increase of 303% from the average session volume of 2,797 shares. The stock had previously closed at $10.83.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded IB Acquisition from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 2nd. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, IB Acquisition presently has a consensus rating of "Hold".

IB Acquisition Stock Performance

The business has a fifty day moving average of $10.74 and a 200 day moving average of $10.58.

IB Acquisition (NASDAQ:IBAC - Get Free Report) last announced its earnings results on Monday, December 29th. The company reported $0.06 EPS for the quarter.

Insider Transactions at IB Acquisition

In other IB Acquisition news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $10.80, for a total value of $3,618,000.00. Following the completion of the transaction, the insider owned 1,103 shares in the company, valued at approximately $11,912.40. This represents a 99.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Hedge Funds Weigh In On IB Acquisition

A number of institutional investors have recently added to or reduced their stakes in the company. Flow Traders U.S. LLC raised its holdings in IB Acquisition by 22.9% in the third quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company's stock worth $243,000 after purchasing an additional 4,301 shares in the last quarter. Susquehanna International Group LLP raised its holdings in IB Acquisition by 60.0% in the third quarter. Susquehanna International Group LLP now owns 25,111 shares of the company's stock worth $264,000 after purchasing an additional 9,416 shares in the last quarter. Jane Street Group LLC bought a new position in IB Acquisition in the second quarter worth $135,000. Virtu Financial LLC raised its holdings in IB Acquisition by 70.9% in the fourth quarter. Virtu Financial LLC now owns 42,298 shares of the company's stock worth $444,000 after purchasing an additional 17,548 shares in the last quarter. Finally, ABC Arbitrage SA bought a new position in IB Acquisition in the fourth quarter worth $210,000.

About IB Acquisition

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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