IB Acquisition (NASDAQ:IBAC) Stock Price Down 0.2% - Time to Sell?

Key Points

• IB Acquisition (NASDAQ:IBAC) traded down 0.2% to $10.73 on very light volume (1,083 shares, a 96% decline from the average) and sits near its 50‑day/200‑day simple moving averages of $10.70/$10.55.
• Major shareholder Aqr Capital Management sold 335,000 shares at an average price of $10.80 on March 23, cutting its stake by 99.67% and generating roughly $3.62 million.
• Weiss Ratings upgraded IBAC from "sell (d+)" to "hold (c-)", leaving the consensus rating at "Hold"; the company is a SPAC with no operating revenues.

IB Acquisition Corp. (NASDAQ:IBAC - Get Free Report)'s stock price traded down 0.2% on Wednesday . The stock traded as low as $10.73 and last traded at $10.73. 1,083 shares changed hands during trading, a decline of 96% from the average session volume of 26,552 shares. The stock had previously closed at $10.75.

Analyst Upgrades and Downgrades

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

IB Acquisition Trading Down 0.2%

The firm's fifty day simple moving average is $10.70 and its two-hundred day simple moving average is $10.55.

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

Insider Activity at IB Acquisition

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

Hedge Funds Weigh In On IB Acquisition

Several hedge funds have recently modified their holdings of IBAC. DLD Asset Management LP purchased a new position in shares of IB Acquisition in the third quarter worth $2,525,000. Clear Street Group Inc. purchased a new position in shares of IB Acquisition in the third quarter worth $1,116,000. RiverPark Advisors LLC lifted its holdings in shares of IB Acquisition by 49.8% in the third quarter. RiverPark Advisors LLC now owns 246,281 shares of the company's stock worth $2,611,000 after buying an additional 81,833 shares in the last quarter. Crossingbridge Advisors LLC lifted its holdings in shares of IB Acquisition by 10.8% in the third quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company's stock worth $5,081,000 after buying an additional 46,833 shares in the last quarter. Finally, Wolverine Asset Management LLC lifted its holdings in shares of IB Acquisition by 40.0% in the fourth quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company's stock worth $1,470,000 after buying an additional 40,000 shares in 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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