Indigo Acquisition Corp. (NASDAQ:INAC) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 45.6% to 733 shares as of July 15, down from 1,348 shares on June 30. Short interest represents approximately 0.0% of shares outstanding, with a days-to-cover ratio of 0.1.
• INAC shares slipped 0.1% to $10.28, trading near the top of their $9.92–$10.30 one-year range. The company reported quarterly EPS of $0.09, while Weiss Ratings reaffirmed a “sell (D-)” rating and the consensus rating remains “Sell.”
• Institutional investors made several position changes, including Rivernorth Capital Management increasing its stake by 10.4% and multiple firms establishing new positions during the fourth quarter and first quarter.

Indigo Acquisition Corp. (NASDAQ:INAC - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 733 shares, a decrease of 45.6% from the June 30th total of 1,348 shares. Based on an average trading volume of 6,411 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.0% of the shares of the stock are short sold.

Indigo Acquisition Stock Down 0.1%

Shares of INAC stock traded down $0.01 on Wednesday, reaching $10.28. 23,358 shares of the stock were exchanged, compared to its average volume of 15,757. Indigo Acquisition has a one year low of $9.92 and a one year high of $10.30. The firm's 50 day moving average price is $10.24.

Indigo Acquisition (NASDAQ:INAC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share (EPS) for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Indigo Acquisition in a research note on Monday, June 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of "Sell".

Institutional Trading of Indigo Acquisition

Several institutional investors and hedge funds have recently made changes to their positions in INAC. Rivernorth Capital Management LLC boosted its position in shares of Indigo Acquisition by 10.4% in the 4th quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company's stock worth $3,447,000 after purchasing an additional 32,426 shares during the last quarter. Westchester Capital Management LLC bought a new stake in Indigo Acquisition in the fourth quarter valued at about $2,520,000. Bulldog Investors LLP increased its holdings in Indigo Acquisition by 9.1% in the fourth quarter. Bulldog Investors LLP now owns 178,479 shares of the company's stock valued at $1,790,000 after purchasing an additional 14,906 shares during the last quarter. Sona Asset Management US LLC acquired a new position in Indigo Acquisition in the first quarter valued at about $1,611,000. Finally, Heights Capital Management Inc. acquired a new position in Indigo Acquisition in the fourth quarter valued at about $1,008,000.

About Indigo Acquisition

Indigo Acquisition NASDAQ: INAC is a special purpose acquisition company (SPAC) formed to raise capital through a public offering and to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a blank-check vehicle, the company's principal activity is identifying and evaluating acquisition targets rather than operating a traditional commercial enterprise. Funds raised in the offering are typically held in a trust account pending completion of a qualifying business combination.

Like other SPACs, Indigo Acquisition's activities center on sourcing, negotiating and completing a strategic combination that can provide a private operating company with access to public markets.

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