Rising Dragon Acquisition Corp. (NASDAQ:RDAC) Stock Short Interest Drops 45.6%

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the target of a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 33,308 shares, a drop of 45.6% from the September 15th total of 61,282 shares. Based on an average trading volume of 20,741 shares, the short-interest ratio is currently 1.6 days. Approximately 1.4% of the shares of the company are sold short.

Institutional Investors Weigh In On Rising Dragon Acquisition

An institutional investor recently raised its stake in Rising Dragon Acquisition stock. Clear Street Group Inc. boosted its holdings in shares of Rising Dragon Acquisition Corp. (NASDAQ:RDAC) by 281.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 32,305 shares of the company’s stock after purchasing an additional 23,842 shares during the quarter. Clear Street Group Inc. owned about 0.43% of Rising Dragon Acquisition worth $337,000 at the end of the most recent quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Rising Dragon Acquisition in a research report on Friday, September 25th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Rising Dragon Acquisition Price Performance

NASDAQ:RDAC traded down $0.32 during trading hours on Friday, hitting $4.89. 8,622 shares of the stock traded hands, compared to its average volume of 12,208. Rising Dragon Acquisition has a 1 year low of $4.50 and a 1 year high of $23.99. The stock has a 50 day moving average price of $5.74 and a 200 day moving average price of $6.39.

Rising Dragon Acquisition (NASDAQ:RDAC) last announced its quarterly earnings data 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 blank-check company. It was established to pursue a business combination with an operating company through a merger, share exchange, asset acquisition, stock purchase, reorganization or similar transaction.

Unlike an operating company, Rising Dragon Acquisition Corp. does not have a portfolio of products or services of its own. Its primary corporate activity is identifying and completing a transaction with a private business that could become a publicly traded company.

The company is incorporated in the Cayman Islands.