IB Acquisition (NASDAQ:IBAC) Issues Earnings Results

IB Acquisition (NASDAQ:IBAC) released its quarterly earnings results on Wednesday. The company reported ($0.01) EPS for the quarter, FiscalAI reports.

IB Acquisition Price Performance

Shares of IBAC stock opened at $10.54 on Thursday. IB Acquisition has a twelve month low of $10.20 and a twelve month high of $11.45. The company’s 50-day moving average price is $10.50 and its 200-day moving average price is $10.51.

Institutional Trading of IB Acquisition

Several hedge funds have recently made changes to their positions in the company. Flow Traders U.S. LLC raised its position in shares of IB Acquisition by 22.9% during the 3rd 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 during the period. Susquehanna International Group LLP increased its stake in IB Acquisition by 60.0% during the third quarter. Susquehanna International Group LLP now owns 25,111 shares of the company’s stock worth $264,000 after acquiring an additional 9,416 shares during the last quarter. Jane Street Group LLC acquired a new stake in IB Acquisition during the second quarter worth $135,000. ABC Arbitrage SA purchased a new stake in IB Acquisition in the fourth quarter valued at $210,000. Finally, PenderFund Capital Management Ltd. acquired a new position in shares of IB Acquisition in the 3rd quarter valued at $230,000.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of IB Acquisition in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

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.