IB Acquisition (NASDAQ:IBAC) Announces Earnings Results

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

IB Acquisition Stock Performance

Shares of NASDAQ IBAC traded down $0.03 during mid-day trading on Wednesday, reaching $10.54. 2,912 shares of the company traded hands, compared to its average volume of 5,100. The company’s fifty day moving average is $10.50 and its two-hundred day moving average is $10.51. IB Acquisition has a fifty-two week low of $10.20 and a fifty-two week high of $11.45.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of IB Acquisition in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Trading of IB Acquisition

Several large investors have recently modified their holdings of IBAC. Wealthspring Capital LLC lifted its position in IB Acquisition by 82.0% during the 2nd quarter. Wealthspring Capital LLC now owns 657,565 shares of the company’s stock worth $6,865,000 after acquiring an additional 296,357 shares during the last quarter. DLD Asset Management LP bought a new position in shares of IB Acquisition in the third quarter worth about $2,525,000. Clear Street Group Inc. acquired a new position in shares of IB Acquisition during the 3rd quarter worth about $1,116,000. RiverPark Advisors LLC boosted its stake in IB Acquisition by 49.8% during the 3rd quarter. RiverPark Advisors LLC now owns 246,281 shares of the company’s stock valued at $2,611,000 after purchasing an additional 81,833 shares during the period. Finally, Crossingbridge Advisors LLC grew its holdings in IB Acquisition by 10.8% in the 3rd quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock valued at $5,081,000 after buying an additional 46,833 shares during the last quarter.

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.