Digital Asset Acquisition (NASDAQ:DAAQ) Stock Falls 0.1% - Here's What Happened

Key Points

• Digital Asset Acquisition shares fell 0.1% to $10.47, with just 1,958 shares traded—96% 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 a consensus rating of “Sell.”
• The SPAC reported quarterly earnings of $0.06 per share, while institutional ownership increased through new positions and additional purchases by several investment firms.

Digital Asset Acquisition Corp. (NASDAQ:DAAQ - Get Free Report)'s share price was down 0.1% during trading on Thursday. The company traded as low as $10.47 and last traded at $10.47. 1,958 shares were traded during trading, a decline of 96% from the average session volume of 51,211 shares. The stock had previously closed at $10.48.

Wall Street Analysts Forecast Growth

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 research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Digital Asset Acquisition has a consensus rating of "Sell".

Digital Asset Acquisition Stock Performance

The business has a 50 day moving average price of $9.85 and a 200-day moving average price of $10.15.

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

Institutional Investors Weigh In On Digital Asset Acquisition

Several institutional investors have recently made changes to their positions in DAAQ. Cannon Global Investment Management LLC lifted its stake in shares of Digital Asset Acquisition by 17.6% in the first quarter. Cannon Global Investment Management LLC now owns 19,400 shares of the company's stock valued at $199,000 after purchasing an additional 2,900 shares during the period. Virtu Financial LLC acquired a new position in Digital Asset Acquisition during the fourth quarter worth about $869,000. Lineage Point Capital LP acquired a new position in Digital Asset Acquisition during the fourth quarter worth about $1,016,000. Sona Asset Management US LLC purchased a new position in Digital Asset Acquisition in the first quarter valued at about $2,614,000. Finally, Radcliffe Capital Management L.P. lifted its position in shares of Digital Asset Acquisition by 267.4% during the 4th quarter. Radcliffe Capital Management L.P. now owns 474,579 shares of the company's stock valued at $4,822,000 after acquiring an additional 345,411 shares during the period.

Digital Asset Acquisition Company Profile

Digital Asset Acquisition Corp. is a special purpose acquisition company (SPAC) organized to identify and complete a business combination with one or more companies. Its stated focus is generally associated with businesses in the financial services and digital asset sectors, including companies involved in blockchain technology, cryptocurrency infrastructure and related services.

Unlike an operating company, Digital Asset Acquisition Corp. does not appear to have established products, services or a substantial operating business of its own.

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