IB Acquisition (NASDAQ:IBAC) Major Shareholder Aqr Capital Management Holding Sells 335,000 Shares

IB Acquisition Corp. (NASDAQ:IBAC) major shareholder Aqr Capital Management Holding sold 335,000 shares of the stock in a transaction dated 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 transaction, the insider owned 1,103 shares in the company, valued at approximately $11,912.40. The trade was a 99.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Aqr Capital Management Holding also recently made the following trade(s):

• On Friday, March 20th, Aqr Capital Management Holding sold 4,619 shares of IB Acquisition stock. The shares were sold at an average price of $10.75, for a total transaction of $49,654.25.

IB Acquisition Stock Down 1.8%

Shares of IBAC opened at $10.80 on Thursday. The company has a 50 day moving average price of $10.64 and a 200-day moving average price of $10.54. IB Acquisition Corp. has a fifty-two week low of $10.27 and a fifty-two week high of $11.45.

IB Acquisition (NASDAQ:IBAC) last released its quarterly earnings data on Monday, December 29th. The company reported $0.06 earnings per share (EPS) for the quarter.

Institutional Trading of IB Acquisition

Hedge funds have recently modified their holdings of the company. Jane Street Group LLC bought a new stake in shares of IB Acquisition in the 2nd quarter valued at about $135,000. ABC Arbitrage SA bought a new position in shares of IB Acquisition during the 4th quarter worth approximately $210,000. PenderFund Capital Management Ltd. purchased a new stake in IB Acquisition during the third quarter valued at approximately $230,000. Flow Traders U.S. LLC boosted its stake in IB Acquisition by 22.9% in the third quarter. Flow Traders U.S. LLC now owns 23,069 shares of the company’s stock valued at $243,000 after acquiring an additional 4,301 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in IB Acquisition in the third quarter valued at approximately $260,000.

Analyst Upgrades and Downgrades

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