Short Interest in Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Rises By 180.7%

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 15,654 shares, an increase of 180.7% from the June 30th total of 5,576 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average daily trading volume, of 21,658 shares, the days-to-cover ratio is presently 0.7 days.

Wall Street Analyst Weigh In

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

Rising Dragon Acquisition Price Performance

Shares of Rising Dragon Acquisition stock traded down $0.11 during mid-day trading on Tuesday, hitting $6.04. 331 shares of the stock were exchanged, compared to its average volume of 148,748. Rising Dragon Acquisition has a twelve month low of $4.59 and a twelve month high of $23.99. The company has a 50-day simple moving average of $6.66 and a 200 day simple moving average of $6.55.

Rising Dragon Acquisition (NASDAQ:RDAC) last announced its quarterly earnings results on Monday, March 30th. The company reported $0.06 EPS for the quarter.

Hedge Funds Weigh In On Rising Dragon Acquisition

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDAC. Clear Street Group Inc. lifted its position in shares of Rising Dragon Acquisition by 281.7% in the fourth quarter. Clear Street Group Inc. now owns 32,305 shares of the company’s stock worth $337,000 after buying an additional 23,842 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Rising Dragon Acquisition in the 3rd quarter worth approximately $520,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of 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 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.