IB Acquisition (NASDAQ:IBAC) Stock Price Down 0.2% – Time to Sell?

IB Acquisition Corp. (NASDAQ:IBAC)’s stock price traded down 0.2% during trading on Tuesday . The stock traded as low as $10.71 and last traded at $10.72. 1,480 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 5,603 shares. The stock had previously closed at $10.74.

Analysts Set New Price Targets

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

IB Acquisition Stock Down 0.2%

The firm’s 50 day moving average price is $10.56 and its two-hundred day moving average price is $10.52.

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

Hedge Funds Weigh In On IB Acquisition

A number of hedge funds have recently modified their holdings of IBAC. Jane Street Group LLC acquired a new position in IB Acquisition in the second quarter valued at about $135,000. ABC Arbitrage SA acquired a new stake in shares of IB Acquisition during the fourth quarter valued at about $210,000. PenderFund Capital Management Ltd. purchased a new stake in shares of IB Acquisition in the 3rd quarter valued at approximately $230,000. Flow Traders U.S. LLC lifted its holdings in shares of IB Acquisition by 22.9% in the 3rd quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock worth $243,000 after acquiring an additional 4,301 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of IB Acquisition in the 3rd quarter worth approximately $260,000.

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.