IG Acquisition Corp. (NASDAQ:IGAC) Short Interest Down 60.4% in June

IG Acquisition Corp. (NASDAQ:IGAC) saw a large drop in short interest in the month of June. As of June 15th, there was short interest totaling 791 shares, a drop of 60.4% from the May 31st total of 1,995 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average daily volume of 653 shares, the days-to-cover ratio is presently 1.2 days.

Hedge Funds Weigh In On IG Acquisition

Several hedge funds and other institutional investors have recently modified their holdings of IGAC. Radcliffe Capital Management L.P. purchased a new position in IG Acquisition during the 4th quarter valued at about $5,412,000. Governors Lane LP bought a new position in IG Acquisition during the 4th quarter valued at approximately $492,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in IG Acquisition in the 4th quarter worth approximately $3,936,000. Clear Street Group Inc. purchased a new stake in IG Acquisition in the 4th quarter worth approximately $2,289,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of IG Acquisition in the 4th quarter worth approximately $13,284,000. 38.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised IG Acquisition from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, IG Acquisition presently has a consensus rating of “Sell”.

IG Acquisition Stock Performance

IGAC stock traded up $0.01 during midday trading on Tuesday, hitting $10.01. The company had a trading volume of 60,632 shares, compared to its average volume of 33,049. IG Acquisition has a 52 week low of $9.82 and a 52 week high of $10.02. The stock’s 50 day moving average price is $9.99 and its 200 day moving average price is $9.95.

IG Acquisition (NASDAQ:IGAC) last issued its earnings results on Friday, May 15th. The company reported $0.06 EPS for the quarter.

IG Acquisition Company Profile

IG Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in New York, New York.