Rising Dragon Acquisition (NASDAQ:RDAC) Trading Up 4.7% – Here’s Why

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) shares were up 4.7% during mid-day trading on Friday . The stock traded as high as $6.00 and last traded at $5.6550. Approximately 2,558 shares were traded during mid-day trading, a decline of 56% from the average session volume of 5,761 shares. The stock had previously closed at $5.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed 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, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Rising Dragon Acquisition Stock Up 4.7%

The stock has a 50 day simple moving average of $7.20 and a 200 day simple moving average of $6.88.

Rising Dragon Acquisition (NASDAQ:RDAC) last issued its earnings results on Monday, March 30th. The company reported $0.06 earnings per share for the quarter.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RDAC. Goldman Sachs Group Inc. grew its holdings in shares of 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 last quarter. JPMorgan Chase & Co. bought a new position in Rising Dragon Acquisition in the 3rd quarter valued at about $520,000. Clear Street Group Inc. lifted its position in Rising Dragon Acquisition by 281.7% in the 4th quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock valued at $337,000 after acquiring an additional 23,842 shares in the last quarter. Finally, Berkley W R Corp boosted its stake in Rising Dragon Acquisition by 2.2% during the 3rd quarter. Berkley W R Corp now owns 234,708 shares of the company’s stock valued at $2,446,000 after purchasing an additional 5,002 shares during the last quarter.

About Rising Dragon Acquisition

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.