IB Acquisition Corp. (NASDAQ:IBAC) Sees Large Growth in Short Interest

IB Acquisition Corp. (NASDAQ:IBAC) was the recipient of a significant growth in short interest during the month of May. As of May 15th, there was short interest totaling 5,344 shares, a growth of 132.1% from the April 30th total of 2,302 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average trading volume of 7,553 shares, the short-interest ratio is currently 0.7 days.

IB Acquisition Trading Up 0.2%

Shares of IBAC traded up $0.02 during trading hours on Friday, hitting $10.75. 5,411 shares of the stock were exchanged, compared to its average volume of 5,800. IB Acquisition has a fifty-two week low of $10.39 and a fifty-two week high of $11.45. The business has a 50-day moving average of $10.76 and a 200-day moving average of $10.62.

IB Acquisition (NASDAQ:IBAC) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.11) earnings per share for the quarter.

Insider Activity

In other news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $10.80, for a total transaction of $3,618,000.00. Following the completion of the transaction, the insider owned 1,103 shares of the company’s stock, valued at approximately $11,912.40. This trade represents a 99.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On IB Acquisition

Large investors have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new stake in IB Acquisition in the second quarter worth $135,000. ABC Arbitrage SA acquired a new stake in IB Acquisition in the fourth quarter worth $210,000. PenderFund Capital Management Ltd. acquired a new stake in IB Acquisition in the third quarter worth $230,000. Flow Traders U.S. LLC grew its holdings in IB Acquisition by 22.9% in the third quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock worth $243,000 after purchasing an additional 4,301 shares during the period. Finally, Virtu Financial LLC acquired a new stake in IB Acquisition in the third quarter worth $260,000.

Analysts Set New Price Targets

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