IB Acquisition (NASDAQ:IBAC) Releases Quarterly Earnings Results

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

IB Acquisition Price Performance

Shares of IBAC traded down $0.04 during midday trading on Friday, reaching $10.76. 12,450 shares of the stock were exchanged, compared to its average volume of 3,960. IB Acquisition has a 52 week low of $10.39 and a 52 week high of $11.45. The company’s 50 day moving average is $10.75 and its two-hundred day moving average is $10.60.

Insider Buying and Selling at IB Acquisition

In related news, major shareholder Aqr Capital Management Holding sold 335,000 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was 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 represents a 99.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Institutional Investors Weigh In On IB Acquisition

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Crossingbridge Advisors LLC increased its holdings in shares of IB Acquisition by 10.8% in the third quarter. Crossingbridge Advisors LLC now owns 482,223 shares of the company’s stock valued at $5,081,000 after purchasing an additional 46,833 shares during the period. RiverPark Advisors LLC increased its holdings in shares of IB Acquisition by 49.8% in the third 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. DLD Asset Management LP acquired a new position in shares of IB Acquisition in the third quarter valued at about $2,525,000. Wolverine Asset Management LLC increased its holdings in shares of IB Acquisition by 40.0% in the fourth quarter. Wolverine Asset Management LLC now owns 140,000 shares of the company’s stock valued at $1,470,000 after purchasing an additional 40,000 shares during the period. Finally, Clear Street Group Inc. acquired a new position in shares of IB Acquisition in the third quarter valued at about $1,116,000.

Analyst Upgrades and Downgrades

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

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.