IB Acquisition (NASDAQ:IBAC) Stock Price Down 0.1% – Here’s What Happened

IB Acquisition Corp. (NASDAQ:IBAC)’s stock price was down 0.1% during mid-day trading on Thursday . The stock traded as low as $10.75 and last traded at $10.7760. 1,690 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 2,058 shares. The stock had previously closed at $10.79.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IB Acquisition in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold”.

IB Acquisition Price Performance

The company’s fifty day simple moving average is $10.76 and its 200 day simple moving average is $10.69.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new position in IB Acquisition in the 2nd quarter valued at about $135,000. Virtu Financial LLC bought a new stake in shares of IB Acquisition during the third quarter worth approximately $260,000. Flow Traders U.S. LLC boosted its holdings in shares of IB Acquisition by 22.9% during the third 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 period. PenderFund Capital Management Ltd. acquired a new position in shares of IB Acquisition in the third quarter valued at approximately $230,000. Finally, Susquehanna International Group LLP grew its position in shares of IB Acquisition by 60.0% in the third quarter. Susquehanna International Group LLP now owns 25,111 shares of the company’s stock valued at $264,000 after purchasing an additional 9,416 shares during the last quarter.

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.