Digital Asset Acquisition (NASDAQ:DAAQ) Shares Climb 0.1% - Time to Buy?

Key Points

• DAAQ shares rose 0.1% to about $10.49, but trading volume was extremely light at roughly 656 shares—99% below the average session volume.
• Weiss Ratings upgraded the stock from “sell (d-)” to “sell (d),” while the sole analyst covering the company maintains a Sell rating and MarketBeat reports an overall average rating of Sell.
• Digital Asset Acquisition is a SPAC focused on digital assets and fintech opportunities rather than an operating business; it reported quarterly EPS of $0.06, while several institutional investors recently initiated or increased positions.

Digital Asset Acquisition Corp. (NASDAQ:DAAQ - Get Free Report) shares traded up 0.1% on Friday. The stock traded as high as $10.48 and last traded at $10.4940. Approximately 656 shares traded hands during trading, a decline of 99% from the average session volume of 98,835 shares. The stock had previously closed at $10.48.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded 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. According to data from MarketBeat, the company has an average rating of "Sell".

Digital Asset Acquisition Price Performance

The firm's 50 day moving average price is $10.45 and its 200-day moving average price is $10.18.

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

Hedge Funds Weigh In On Digital Asset Acquisition

Several institutional investors have recently bought and sold shares of the business. Berkley W R Corp acquired a new stake in shares of Digital Asset Acquisition in the first quarter valued at approximately $7,796,000. Sona Asset Management US LLC bought a new stake in Digital Asset Acquisition in the first quarter valued at approximately $2,614,000. Finally, Cannon Global Investment Management LLC lifted its holdings in Digital Asset Acquisition by 17.6% during the first quarter. Cannon Global Investment Management LLC now owns 19,400 shares of the company's stock worth $199,000 after acquiring an additional 2,900 shares in the last quarter.

About Digital Asset Acquisition

Digital Asset Acquisition Corp. NASDAQ: DAAQ was a special purpose acquisition company (SPAC) formed to pursue a business combination with a company operating in the digital assets, blockchain, financial technology or related sectors.

Unlike an operating company, Digital Asset Acquisition did not have established products, services or geographic operations of its own. Its principal activities consisted of raising capital through a public offering and evaluating potential merger, acquisition or similar transactions.

The company's stated investment focus was on businesses involved in digital assets and emerging financial technologies.

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