Indigo Acquisition Corp. (NASDAQ:INAC) Short Interest Down 52.3% in April

Indigo Acquisition Corp. (NASDAQ:INAC) was the target of a significant drop in short interest in the month of April. As of April 30th, there was short interest totaling 1,322 shares, a drop of 52.3% from the April 15th total of 2,773 shares. Approximately 0.0% of the company’s shares are sold short. Based on an average trading volume of 3,204 shares, the days-to-cover ratio is presently 0.4 days.

Indigo Acquisition Trading Up 0.4%

Shares of NASDAQ:INAC traded up $0.04 on Friday, hitting $10.24. 991 shares of the company were exchanged, compared to its average volume of 6,237. The stock has a 50 day moving average price of $10.16. Indigo Acquisition has a 1-year low of $9.92 and a 1-year high of $10.24.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sona Asset Management US LLC purchased a new stake in shares of Indigo Acquisition during the first quarter worth about $1,611,000. Toronto Dominion Bank boosted its holdings in Indigo Acquisition by 16.4% in the 4th quarter. Toronto Dominion Bank now owns 59,658 shares of the company’s stock valued at $600,000 after purchasing an additional 8,400 shares during the last quarter. Rivernorth Capital Management LLC boosted its holdings in Indigo Acquisition by 10.4% in the 4th quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company’s stock valued at $3,447,000 after purchasing an additional 32,426 shares during the last quarter. Heights Capital Management Inc. acquired a new position in Indigo Acquisition in the 4th quarter valued at about $1,008,000. Finally, Evercore Wealth Management LLC acquired a new position in Indigo Acquisition in the 4th quarter valued at about $108,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings initiated coverage on shares of Indigo Acquisition in a report 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.com, the company presently has an average rating of “Sell”.

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.