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

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 4,469 shares, a drop of 71.5% from the July 15th total of 15,654 shares. Based on an average trading volume of 16,269 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.1% of the shares of the stock are short sold.

Rising Dragon Acquisition Stock Performance

RDAC opened at $6.66 on Thursday. The stock’s 50 day simple moving average is $6.05 and its 200 day simple moving average is $6.42. Rising Dragon Acquisition has a 1-year low of $4.59 and a 1-year high of $23.99.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in Rising Dragon Acquisition by 147.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 140,300 shares of the company’s stock valued at $1,430,000 after acquiring an additional 83,700 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Rising Dragon Acquisition in the third quarter valued at about $520,000. Finally, Clear Street Group Inc. grew 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 valued at $337,000 after purchasing an additional 23,842 shares during the last quarter.

Rising Dragon Acquisition Company Profile

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.