Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Short Interest Down 88.1% in May

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totaling 9,967 shares, a drop of 88.1% from the April 30th total of 84,044 shares. Based on an average trading volume of 110,076 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.2% of the company’s shares are short sold.

Rising Dragon Acquisition Stock Performance

Rising Dragon Acquisition stock traded down $0.26 during midday trading on Friday, reaching $9.15. 3,227 shares of the stock traded hands, compared to its average volume of 202,226. The company has a 50-day simple moving average of $7.03 and a two-hundred day simple moving average of $7.79. 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 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 hedge funds and other institutional investors have recently bought and sold shares of the company. Berkley W R Corp boosted its holdings in Rising Dragon Acquisition by 2.2% during the 3rd quarter. Berkley W R Corp now owns 234,708 shares of the company’s stock valued at $2,446,000 after acquiring an additional 5,002 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Rising Dragon Acquisition by 147.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock valued at $1,430,000 after acquiring an additional 83,700 shares during the period. JPMorgan Chase & Co. purchased a new position in Rising Dragon Acquisition during the 3rd quarter valued at about $520,000. Finally, Clear Street Group Inc. raised its position 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.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Rising Dragon Acquisition in a research note on Thursday, April 2nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

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.