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

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Rising Dragon Acquisition in a research report on Tuesday, June 30th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Rising Dragon Acquisition Trading Down 7.2%

Shares of RDAC traded down $0.37 during trading hours on Friday, hitting $4.78. The stock had a trading volume of 26,572 shares, compared to its average volume of 908,729. Rising Dragon Acquisition has a 12-month low of $4.59 and a 12-month high of $23.99. The company’s fifty day simple moving average is $5.92 and its 200 day simple moving average is $6.32.

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

Institutional Trading of Rising Dragon Acquisition

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in Rising Dragon Acquisition by 147.9% in the first quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock valued at $1,430,000 after buying an additional 83,700 shares during the period. JPMorgan Chase & Co. purchased a new stake in Rising Dragon Acquisition during the third quarter worth approximately $520,000. Finally, Clear Street Group Inc. increased 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 acquiring an additional 23,842 shares in 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.