IB Acquisition (NASDAQ:IBAC) Releases Earnings Results

IB Acquisition (NASDAQ:IBAC) released its earnings results on Friday. The company reported ($0.11) earnings per share (EPS) for the quarter, FiscalAI reports.

IB Acquisition Price Performance

Shares of NASDAQ:IBAC traded down $0.04 during midday trading on Friday, hitting $10.76. 12,450 shares of the stock were exchanged, compared to its average volume of 3,960. IB Acquisition has a 52-week low of $10.39 and a 52-week high of $11.45. The business’s fifty day simple moving average is $10.75 and its two-hundred day simple moving average is $10.60.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the stock in a transaction on Monday, March 23rd. The stock was 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 in the company, valued at approximately $11,912.40. This trade represents a 99.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Trading of IB Acquisition

Hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in shares of IB Acquisition during the second quarter worth $135,000. ABC Arbitrage SA bought a new position in IB Acquisition during the fourth quarter valued at about $210,000. PenderFund Capital Management Ltd. bought a new position in IB Acquisition during the third quarter valued at about $230,000. Flow Traders U.S. LLC raised its holdings in IB Acquisition by 22.9% during the third quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock valued at $243,000 after buying an additional 4,301 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in IB Acquisition during the third quarter valued at about $260,000.

IB Acquisition Company Profile

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.