IB Acquisition (NASDAQ:IBAC) Announces Earnings Results

IB Acquisition (NASDAQ:IBAC) posted its earnings results on Friday. The company reported ($0.11) earnings per share for the quarter, FiscalAI reports.

IB Acquisition Price Performance

Shares of NASDAQ:IBAC opened at $10.76 on Friday. IB Acquisition has a 12-month low of $10.39 and a 12-month high of $11.45. The business has a 50-day moving average price of $10.75 and a 200 day moving average price of $10.60.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of IB Acquisition from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Insider Buying and Selling at IB Acquisition

In other IB Acquisition news, major shareholder Aqr Capital Management Holding sold 335,000 shares of IB Acquisition stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $10.80, for a total transaction of $3,618,000.00. Following the completion of the sale, the insider directly owned 1,103 shares in the company, valued at $11,912.40. This trade represents a 99.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Trading of IB Acquisition

Several institutional investors have recently added to or reduced their stakes in IBAC. Virtu Financial LLC lifted its stake in IB Acquisition by 70.9% during the fourth quarter. Virtu Financial LLC now owns 42,298 shares of the company’s stock worth $444,000 after purchasing an additional 17,548 shares in the last quarter. HRT Financial LP acquired a new stake in shares of IB Acquisition in the fourth quarter valued at $409,000. ABC Arbitrage SA purchased a new stake in shares of IB Acquisition in the 4th quarter valued at $210,000. Wolverine Asset Management LLC lifted its stake in IB Acquisition by 40.0% during the 4th quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock worth $1,470,000 after acquiring an additional 40,000 shares in the last quarter. Finally, Susquehanna International Group LLP lifted its stake in IB Acquisition by 60.0% during the 3rd quarter. Susquehanna International Group LLP now owns 25,111 shares of the company’s stock worth $264,000 after acquiring an additional 9,416 shares in the last quarter.

About IB Acquisition

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.