Digital Asset Acquisition (NASDAQ:DAAQ) Trading 0% Higher - Should You Buy?

Key Points

• DAAQ shares were essentially unchanged at $10.435, with only 1,551 shares traded—97% below the stock’s average daily volume.
• Weiss Ratings upgraded the stock from “sell (d-)” to “sell (d),” but the company still has an overall “Sell” rating from the one analyst covering it.
• Digital Asset Acquisition is a newly formed SPAC that has not yet selected a business-combination target; 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) traded up 0% during trading on Wednesday . The company traded as high as $10.44 and last traded at $10.4350. Approximately 1,551 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 52,981 shares. The stock had previously closed at $10.43.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Digital Asset Acquisition from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Digital Asset Acquisition presently has an average rating of "Sell".

Digital Asset Acquisition Stock Up 0.0%

The business's fifty day moving average price is $9.84 and its 200 day moving average price is $10.13.

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

Hedge Funds Weigh In On Digital Asset Acquisition

A number of large investors have recently bought and sold shares of DAAQ. Cannon Global Investment Management LLC increased its stake in shares of 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 during the period. ABC Arbitrage SA acquired a new position in Digital Asset Acquisition during the 4th quarter worth approximately $254,000. Readystate Asset Management LP raised its stake in shares of Digital Asset Acquisition by 4.7% during the 4th quarter. Readystate Asset Management LP now owns 26,174 shares of the company's stock worth $267,000 after buying an additional 1,174 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Digital Asset Acquisition in the 4th quarter valued at approximately $869,000. Finally, Lineage Point Capital LP purchased a new stake in shares of Digital Asset Acquisition in the fourth quarter valued at approximately $1,016,000.

About Digital Asset Acquisition

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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