Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Sees Significant Drop in Short Interest

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) saw a significant drop in short interest in July. As of July 31st, there was short interest totaling 4,469 shares, a drop of 71.5% from the July 15th total of 15,654 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 16,269 shares, the short-interest ratio is presently 0.3 days.

Rising Dragon Acquisition Trading Up 4.9%

Shares of NASDAQ RDAC opened at $6.66 on Thursday. The company has a 50-day simple moving average of $6.05 and a 200-day simple moving average of $6.42. Rising Dragon Acquisition has a 12 month low of $4.59 and a 12 month high of $23.99.

Rising Dragon Acquisition (NASDAQ:RDAC) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Rising Dragon Acquisition in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Rising Dragon Acquisition presently has an average rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in Rising Dragon Acquisition by 147.9% during the first quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock worth $1,430,000 after buying an additional 83,700 shares during the period. JPMorgan Chase & Co. purchased a new stake in Rising Dragon Acquisition during the 3rd quarter worth $520,000. Finally, Clear Street Group Inc. increased its holdings in Rising Dragon Acquisition by 281.7% in the 4th quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock valued at $337,000 after purchasing an additional 23,842 shares in the last quarter.

About Rising Dragon Acquisition

Rising Dragon Acquisition Corp (NASDAQ: RDAC) is a special purpose acquisition company, or SPAC, incorporated in the Cayman Islands in November 2020 to pursue a merger, share exchange, asset acquisition or other business combination. The company held its initial public offering in February 2021, raising funds aimed at financing acquisitions and related transaction expenses.

Rising Dragon Acquisition focuses on identifying high-growth opportunities in Asia, targeting sectors such as technology, media, telecommunications, healthcare and consumer products.