Indigo Acquisition (NASDAQ:INAC) Issues Earnings Results

Indigo Acquisition (NASDAQ:INAC) released its quarterly earnings data on Monday. The company reported $0.06 earnings per share for the quarter, FiscalAI reports.

Indigo Acquisition Stock Up 0.2%

Shares of Indigo Acquisition stock traded up $0.02 during trading hours on Monday, hitting $10.18. The company’s stock had a trading volume of 556 shares, compared to its average volume of 7,007. Indigo Acquisition has a twelve month low of $9.92 and a twelve month high of $10.19. The company’s fifty day simple moving average is $10.15.

Institutional Investors Weigh In On Indigo Acquisition

Several institutional investors and hedge funds have recently modified their holdings of the company. Toronto Dominion Bank increased its holdings in Indigo Acquisition by 16.4% during the 4th quarter. Toronto Dominion Bank now owns 59,658 shares of the company’s stock worth $600,000 after purchasing an additional 8,400 shares during the period. Rivernorth Capital Management LLC increased its holdings in Indigo Acquisition by 10.4% during the 4th quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company’s stock worth $3,447,000 after purchasing an additional 32,426 shares during the period. Heights Capital Management Inc. purchased a new stake in Indigo Acquisition during the 4th quarter worth about $1,008,000. Evercore Wealth Management LLC purchased a new stake in Indigo Acquisition during the 4th quarter worth about $108,000. Finally, Westchester Capital Management LLC purchased a new stake in Indigo Acquisition during the 4th quarter worth about $2,520,000.

Wall Street Analyst Weigh In

Separately, Weiss Ratings initiated coverage on Indigo Acquisition in a research note on Wednesday, April 1st. They set a “sell (d-)” rating on the stock. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Indigo Acquisition Company Profile

Indigo Acquisition (NASDAQ: INAC) is a special purpose acquisition company (SPAC) formed to raise capital through a public offering and to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a blank-check vehicle, the company’s principal activity is identifying and evaluating acquisition targets rather than operating a traditional commercial enterprise. Funds raised in the offering are typically held in a trust account pending completion of a qualifying business combination.

Like other SPACs, Indigo Acquisition’s activities center on sourcing, negotiating and completing a strategic combination that can provide a private operating company with access to public markets.