Indigo Acquisition Corp. (NASDAQ:INAC) Short Interest Down 81.7% in July

Indigo Acquisition Corp. (NASDAQ:INAC) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 134 shares, a drop of 81.7% from the July 15th total of 733 shares. Currently, 0.0% of the shares of the company are short sold. Based on an average daily volume of 4,996 shares, the days-to-cover ratio is presently 0.0 days.

Institutional Trading of Indigo Acquisition

A number of institutional investors have recently added to or reduced their stakes in INAC. Rivernorth Capital Management LLC lifted its stake in shares of 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. Westchester Capital Management LLC bought a new stake in shares of Indigo Acquisition during the 4th quarter worth about $2,520,000. Bulldog Investors LLP increased its holdings in shares of Indigo Acquisition by 9.1% during the 4th quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock valued at $1,790,000 after acquiring an additional 14,906 shares during the last quarter. Sona Asset Management US LLC bought a new position in shares of Indigo Acquisition in the 1st quarter valued at approximately $1,611,000. Finally, Heights Capital Management Inc. acquired a new stake in Indigo Acquisition in the 4th quarter worth approximately $1,008,000.

Indigo Acquisition Stock Performance

Shares of NASDAQ:INAC opened at $10.31 on Wednesday. The firm’s fifty day moving average price is $10.26. Indigo Acquisition has a 12-month low of $9.94 and a 12-month high of $10.33.

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Indigo Acquisition from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus 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.