Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Sees Large Decrease in Short Interest

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 4,469 shares, a decrease of 71.5% from the July 15th total of 15,654 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 16,269 shares, the short-interest ratio is presently 0.3 days.

Rising Dragon Acquisition Trading Down 2.4%

Shares of RDAC traded down $0.15 during trading hours on Friday, reaching $6.00. 847 shares of the company traded hands, compared to its average volume of 10,299. Rising Dragon Acquisition has a 12 month low of $4.59 and a 12 month high of $23.99. The company’s fifty day moving average price is $6.01 and its two-hundred day moving average price is $6.41.

Rising Dragon Acquisition (NASDAQ:RDAC) last released its quarterly earnings results on Friday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RDAC. Clear Street Group Inc. boosted its position in shares of Rising Dragon Acquisition by 281.7% during the fourth quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock valued at $337,000 after purchasing an additional 23,842 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Rising Dragon Acquisition in the third quarter worth $520,000. Finally, Goldman Sachs Group Inc. lifted its position in Rising Dragon Acquisition by 147.9% during the first quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock valued at $1,430,000 after buying an additional 83,700 shares during the period.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Rising Dragon Acquisition in a research report on Tuesday, June 30th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Rising Dragon Acquisition presently has a consensus rating of “Sell”.

Rising Dragon Acquisition Company Profile

Rising Dragon Acquisition Corp (NASDAQ: RDAC) is a special purpose acquisition company, or SPAC, incorporated in the Cayman Islands in November 2020 to pursue a merger, share exchange, asset acquisition or other business combination. The company held its initial public offering in February 2021, raising funds aimed at financing acquisitions and related transaction expenses.

Rising Dragon Acquisition focuses on identifying high-growth opportunities in Asia, targeting sectors such as technology, media, telecommunications, healthcare and consumer products.