IG Acquisition Corp. (NASDAQ:IGAC) Shares Shorted: Short Interest Up 226.3% in September

Key Points

• IG Acquisition’s short interest surged 226.3% in September to 4,806 shares, though only about 0.1% of shares were sold short and the short-interest ratio remained low at 0.2 days.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock’s rating from “sell (e)” to “sell (d-),” while the overall consensus rating is “Sell.”
• IGAC shares rose 0.1% to $10.12, near their 52-week high of $10.14. Institutional investors and hedge funds own approximately 38.82% of the company.

IG Acquisition Corp. (NASDAQ:IGAC - Get Free Report) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 4,806 shares, a growth of 226.3% from the September 15th total of 1,473 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 28,590 shares, the short-interest ratio is currently 0.2 days.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded IG Acquisition from a "sell (e)" rating to a "sell (d-)" rating in a research note on Thursday, September 10th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat.com, IG Acquisition currently has a consensus rating of "Sell".

IG Acquisition Stock Up 0.1%

IGAC stock traded up $0.01 during midday trading on Friday, reaching $10.12. 1,030 shares of the company's stock traded hands, compared to its average volume of 39,388. IG Acquisition has a 52-week low of $9.82 and a 52-week high of $10.14. The stock's 50-day moving average is $10.09 and its 200 day moving average is $10.02.

IG Acquisition (NASDAQ:IGAC - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $0.05 earnings per share for the quarter.

Hedge Funds Weigh In On IG Acquisition

Several institutional investors and hedge funds have recently bought and sold shares of the stock. TrueMark Investments LLC bought a new stake in IG Acquisition during the first quarter valued at about $142,000. ABC Arbitrage SA bought a new position in shares of IG Acquisition in the first quarter worth about $396,000. Governors Lane LP purchased a new position in shares of IG Acquisition during the 4th quarter valued at about $492,000. Gritstone Asset Management LLC purchased a new position in shares of IG Acquisition during the 1st quarter valued at about $495,000. Finally, DLD Asset Management LP purchased a new position in shares of IG Acquisition during the 1st quarter valued at about $1,238,000. 38.82% of the stock is currently owned by hedge funds and other institutional investors.

About IG Acquisition

IG Acquisition Corp. NASDAQ: IGAC is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with one or more operating companies. Unlike an operating company, its primary activities are evaluating potential merger, acquisition, or similar opportunities.

The company does not operate a significant portfolio of products or services of its own. Its business strategy is centered on finding a suitable target company and completing a transaction that would result in the target becoming a publicly traded business.

IG Acquisition Corp.

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