Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Sees Large Decline in Short Interest

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the recipient of a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 1,928 shares, a drop of 56.9% from the July 30th total of 4,469 shares. Based on an average daily volume of 1,452 shares, the short-interest ratio is currently 1.3 days. Approximately 0.1% of the company’s shares are short sold.

Institutional Trading of Rising Dragon Acquisition

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

Wall Street Analyst Weigh In

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

Rising Dragon Acquisition Stock Performance

RDAC stock opened at $4.78 on Monday. The firm has a 50 day simple moving average of $5.92 and a 200 day simple moving average of $6.31. Rising Dragon Acquisition has a 52 week low of $4.59 and a 52 week high of $23.99.

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

Rising Dragon Acquisition Company Profile

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.