Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Sees Large Drop in Short Interest

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the recipient of a large decrease in short interest in August. As of August 14th, there was short interest totaling 1,928 shares, a decrease of 56.9% from the July 30th total of 4,469 shares. Based on an average daily trading volume, of 1,452 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.1% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted its stake in shares of Rising Dragon Acquisition by 147.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock worth $1,430,000 after purchasing an additional 83,700 shares during the period. JPMorgan Chase & Co. purchased a new stake in shares of Rising Dragon Acquisition in the third quarter valued at $520,000. Finally, Clear Street Group Inc. increased its stake in Rising Dragon Acquisition by 281.7% in the fourth quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock valued at $337,000 after purchasing an additional 23,842 shares during the last quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Rising Dragon Acquisition in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Rising Dragon Acquisition currently has a consensus rating of “Sell”.

Rising Dragon Acquisition Price Performance

NASDAQ:RDAC traded down $0.37 on Friday, reaching $4.78. The stock had a trading volume of 26,572 shares, compared to its average volume of 908,729. Rising Dragon Acquisition has a 12-month low of $4.59 and a 12-month high of $23.99. The firm’s fifty day moving average is $5.92 and its two-hundred day moving average is $6.32.

Rising Dragon Acquisition (NASDAQ:RDAC) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.04 EPS for the quarter.

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.