IB Acquisition (NASDAQ:IBAC) Shares Up 0.2% – Time to Buy?

IB Acquisition Corp. (NASDAQ:IBAC)’s share price was up 0.2% during trading on Friday . The stock traded as high as $10.73 and last traded at $10.75. Approximately 5,411 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 5,800 shares. The stock had previously closed at $10.73.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold”.

IB Acquisition Stock Up 0.2%

The business’s 50 day moving average price is $10.76 and its 200-day moving average price is $10.62.

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

Insider Activity

In other news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $10.80, for a total value of $3,618,000.00. Following the completion of the transaction, the insider directly owned 1,103 shares of the company’s stock, valued at approximately $11,912.40. This represents a 99.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On IB Acquisition

Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC increased its position in shares of IB Acquisition by 70.9% during the 4th quarter. Virtu Financial LLC now owns 42,298 shares of the company’s stock worth $444,000 after purchasing an additional 17,548 shares in the last quarter. HRT Financial LP acquired a new stake in shares of IB Acquisition during the 4th quarter worth about $409,000. ABC Arbitrage SA acquired a new stake in shares of IB Acquisition during the 4th quarter worth about $210,000. Wolverine Asset Management LLC increased its position in shares of IB Acquisition by 40.0% during the 4th quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock worth $1,470,000 after purchasing an additional 40,000 shares in the last quarter. Finally, Susquehanna International Group LLP increased its position in shares of IB Acquisition by 60.0% during the 3rd quarter. Susquehanna International Group LLP now owns 25,111 shares of the company’s stock worth $264,000 after purchasing an additional 9,416 shares in the last quarter.

About IB Acquisition

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.