Digital Asset Acquisition Corp. (NASDAQ:DAAQ) Shares Shorted: Short Interest Down 44.0% in October

Key Points

• Short interest fell 44% in October to 1,917 shares, representing approximately 0.0% of DAAQ’s shares outstanding and a 0.0-day days-to-cover ratio.
• Sona Asset Management US LLC purchased 255,300 shares, worth about $2.6 million, giving it an approximately 1.48% stake in Digital Asset Acquisition.
• DAAQ traded at $10.50, near its 52-week high of $10.51, while analyst sentiment remained negative: Weiss Ratings upgraded the stock only from “sell (d-)” to “sell (d),” and MarketBeat reported an average “Sell” rating.

Digital Asset Acquisition Corp. (NASDAQ:DAAQ - Get Free Report) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totaling 1,917 shares, a drop of 44.0% from the September 30th total of 3,424 shares. Approximately 0.0% of the shares of the stock are short sold. Based on an average daily volume of 88,454 shares, the days-to-cover ratio is currently 0.0 days.

Hedge Funds Weigh In On Digital Asset Acquisition

A hedge fund recently bought a new stake in Digital Asset Acquisition stock. Sona Asset Management US LLC purchased a new position in shares of Digital Asset Acquisition Corp. (NASDAQ:DAAQ - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 255,300 shares of the company's stock, valued at approximately $2,614,000. Sona Asset Management US LLC owned about 1.48% of Digital Asset Acquisition as of its most recent SEC filing.

Wall Street Analysts Forecast Growth

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

Digital Asset Acquisition Price Performance

DAAQ traded up $0.02 during trading on Friday, reaching $10.50. 1,193 shares of the stock traded hands, compared to its average volume of 98,852. The stock's 50-day simple moving average is $10.46 and its two-hundred day simple moving average is $10.20. Digital Asset Acquisition has a fifty-two week low of $6.60 and a fifty-two week high of $10.51.

Digital Asset Acquisition (NASDAQ:DAAQ - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.06 earnings per share for the quarter.

Digital Asset Acquisition Company Profile

Digital Asset Acquisition Corp. NASDAQ: DAAQ was a special purpose acquisition company (SPAC) formed to identify and complete a business combination with one or more companies. Rather than operating a traditional business, the company was established to raise capital through a public offering and use those proceeds to pursue a merger, acquisition, share exchange or similar transaction.

The company's stated focus was on opportunities connected with digital assets, financial technology and related technology sectors.

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