Short Interest in Indigo Acquisition Corp. (NASDAQ:INAC) Drops By 45.6%

Indigo Acquisition Corp. (NASDAQ:INAC) was the recipient of a large drop in short interest during the month of July. As of July 15th, there was short interest totaling 733 shares, a drop of 45.6% from the June 30th total of 1,348 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average daily trading volume, of 6,411 shares, the short-interest ratio is presently 0.1 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Indigo Acquisition in a research report on Monday, June 29th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Indigo Acquisition Trading Down 0.1%

Indigo Acquisition stock traded down $0.01 during trading hours on Thursday, reaching $10.28. 2,367 shares of the company’s stock traded hands, compared to its average volume of 15,618. Indigo Acquisition has a fifty-two week low of $9.93 and a fifty-two week high of $10.30. The business’s 50 day moving average price is $10.25.

Indigo Acquisition (NASDAQ:INAC) last issued its quarterly earnings results on Wednesday, March 25th. The company reported $0.09 EPS for the quarter.

Institutional Trading of Indigo Acquisition

Several institutional investors and hedge funds have recently made changes to their positions in INAC. Sona Asset Management US LLC acquired a new position in shares of Indigo Acquisition in the 1st quarter valued at $1,611,000. Rivernorth Capital Management LLC grew its stake in shares of Indigo Acquisition by 10.4% during the fourth 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. Westchester Capital Management LLC acquired a new stake in shares of Indigo Acquisition during the fourth quarter worth $2,520,000. Bulldog Investors LLP increased its holdings in Indigo Acquisition by 9.1% in the fourth quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock valued at $1,790,000 after purchasing an additional 14,906 shares during the last quarter. Finally, Heights Capital Management Inc. bought a new stake in Indigo Acquisition in the fourth quarter valued at about $1,008,000.

About Indigo Acquisition

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.