IB Acquisition (NASDAQ:IBAC) Major Shareholder Sells $3,618,000.00 in Stock

IB Acquisition Corp. (NASDAQ:IBAC) major shareholder Aqr Capital Management Holding sold 335,000 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $10.80, for a total transaction of $3,618,000.00. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Aqr Capital Management Holding also recently made the following trade(s):

• On Friday, March 20th, Aqr Capital Management Holding sold 4,619 shares of IB Acquisition stock. The stock was sold at an average price of $10.75, for a total value of $49,654.25.

IB Acquisition Trading Down 0.2%

Shares of IBAC opened at $10.66 on Friday. The business’s fifty day moving average price is $10.65 and its two-hundred day moving average price is $10.54. IB Acquisition Corp. has a 52 week low of $10.28 and a 52 week high of $11.45.

IB Acquisition (NASDAQ:IBAC) last released its earnings results on Monday, December 29th. The company reported $0.06 earnings per share for the quarter.

Institutional Trading of IB Acquisition

A number of institutional investors have recently bought and sold shares of IBAC. Clear Street LLC lifted its stake in shares of IB Acquisition by 5,006.3% in the 2nd quarter. Clear Street LLC now owns 28,544 shares of the company’s stock valued at $299,000 after purchasing an additional 27,985 shares during the period. Jane Street Group LLC acquired a new stake in shares of IB Acquisition during the second quarter worth $135,000. Crossingbridge Advisors LLC grew its stake in shares of IB Acquisition by 10.8% during the third quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock worth $5,081,000 after purchasing an additional 46,833 shares during the period. DLD Asset Management LP bought a new stake in IB Acquisition in the third quarter valued at about $2,525,000. Finally, RiverPark Advisors LLC increased its holdings in IB Acquisition by 49.8% in the third quarter. RiverPark Advisors LLC now owns 246,281 shares of the company’s stock valued at $2,611,000 after purchasing an additional 81,833 shares during the last quarter.

Wall Street Analysts Forecast Growth

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

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.