RiverPark Advisors LLC Acquires 81,833 Shares of IB Acquisition Corp. $IBAC

RiverPark Advisors LLC lifted its stake in shares of IB Acquisition Corp. (NASDAQ:IBAC) by 49.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 246,281 shares of the company’s stock after buying an additional 81,833 shares during the quarter. IB Acquisition comprises about 1.1% of RiverPark Advisors LLC’s portfolio, making the stock its 21st largest holding. RiverPark Advisors LLC’s holdings in IB Acquisition were worth $2,611,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Jane Street Group LLC acquired a new stake in IB Acquisition in the 2nd quarter worth about $135,000. Clear Street LLC increased its stake in shares of IB Acquisition by 5,006.3% in the 2nd quarter. Clear Street LLC now owns 28,544 shares of the company’s stock valued at $299,000 after purchasing an additional 27,985 shares during the last quarter. DLD Asset Management LP acquired a new position in IB Acquisition during the third quarter worth about $2,525,000. Finally, Crossingbridge Advisors LLC boosted its position in IB Acquisition by 10.8% in the third quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock valued at $5,081,000 after buying an additional 46,833 shares in the last quarter.

IB Acquisition Stock Performance

IB Acquisition stock opened at $10.73 on Wednesday. IB Acquisition Corp. has a 52-week low of $10.25 and a 52-week high of $11.45. The stock’s 50 day moving average price is $10.59 and its two-hundred day moving average price is $10.52.

IB Acquisition (NASDAQ:IBAC) last posted its quarterly earnings results on Monday, December 29th. The company reported $0.06 EPS for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, IB Acquisition has a consensus rating of “Hold”.

IB Acquisition Company Profile

IB Acquisition Corp (NASDAQ: IBAC) is a special purpose acquisition company (SPAC) formed with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company does not generate any operating revenues and its business plan is entirely dependent on identifying or acquiring a suitable target business in accordance with its charter.

Incorporated in Delaware in 2021, IB Acquisition Corp completed its initial public offering later that year, raising capital that is held in a trust account pending the identification and closing of a business combination.