Digital Asset Acquisition Corp. (NASDAQ:DAAQ) Sees Significant Decrease in Short Interest

Key Points

• Short interest plunged 87.9% to 4,317 shares as of August 31, representing approximately 0.0% of shares outstanding and only 0.4 days to cover.
• DAAQ shares traded nearly flat at $10.44, near the 52-week high of $10.49. The company reported quarterly EPS of $0.06.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock from “sell (d-)” to “sell (d),” while the overall consensus rating is still Sell; several institutional investors nonetheless established or increased positions.

Digital Asset Acquisition Corp. (NASDAQ:DAAQ - Get Free Report) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 4,317 shares, a decrease of 87.9% from the August 15th total of 35,594 shares. Approximately 0.0% of the shares of the stock are sold short. Based on an average trading volume of 11,379 shares, the days-to-cover ratio is presently 0.4 days.

Digital Asset Acquisition Trading Down 0.0%

DAAQ stock traded down $0.01 during midday trading on Thursday, reaching $10.44. 412 shares of the stock were exchanged, compared to its average volume of 52,118. Digital Asset Acquisition has a 52 week low of $6.60 and a 52 week high of $10.49. The company has a fifty day moving average price of $9.84 and a 200 day moving average price of $10.13.

Digital Asset Acquisition (NASDAQ:DAAQ - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.06 EPS for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Digital Asset Acquisition from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of "Sell".

Institutional Investors Weigh In On Digital Asset Acquisition

Several hedge funds have recently added to or reduced their stakes in DAAQ. Berkley W R Corp bought a new stake in Digital Asset Acquisition during the 1st quarter worth approximately $7,796,000. Sona Asset Management US LLC acquired a new position in shares of Digital Asset Acquisition during the first quarter worth $2,614,000. Virtu Financial LLC acquired a new position in shares of Digital Asset Acquisition during the fourth quarter worth $869,000. Lineage Point Capital LP bought a new stake in shares of Digital Asset Acquisition in the fourth quarter worth $1,016,000. Finally, Periscope Capital Inc. grew its stake in shares of Digital Asset Acquisition by 317.4% in the fourth quarter. Periscope Capital Inc. now owns 150,000 shares of the company's stock worth $1,524,000 after purchasing an additional 114,062 shares during the last quarter.

Digital Asset Acquisition Company Profile

We are a special purpose acquisition company incorporated on December 9, 2024 as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

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