Rising Dragon Acquisition (NASDAQ:RDAC) Trading Down 2.1% – Should You Sell?

Shares of Rising Dragon Acquisition Corp. (NASDAQ:RDAC) dropped 2.1% during trading on Thursday . The company traded as low as $5.50 and last traded at $5.6950. Approximately 2,974 shares traded hands during trading, a decline of 51% from the average session volume of 6,038 shares. The stock had previously closed at $5.82.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Rising Dragon Acquisition in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Rising Dragon Acquisition Price Performance

The firm has a 50-day moving average price of $7.61 and a 200 day moving average price of $7.35.

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

Institutional Investors Weigh In On Rising Dragon Acquisition

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Clear Street Group Inc. acquired a new stake in shares of Rising Dragon Acquisition during the third quarter worth $88,000. JPMorgan Chase & Co. acquired a new position in shares of Rising Dragon Acquisition in the third quarter valued at about $520,000. Goldman Sachs Group Inc. grew its stake in shares of Rising Dragon Acquisition by 147.9% in the first quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock valued at $1,430,000 after acquiring an additional 83,700 shares in the last quarter. Finally, Berkley W R Corp increased its position in Rising Dragon Acquisition by 2.2% during the third quarter. Berkley W R Corp now owns 234,708 shares of the company’s stock worth $2,446,000 after acquiring an additional 5,002 shares during the period.

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.