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

Rising Dragon Acquisition Corp. (NASDAQ:RDAC) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totaling 15,846 shares, a drop of 31.4% from the December 31st total of 23,113 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily volume of 25,003 shares, the short-interest ratio is currently 0.6 days. Based on an average daily volume of 25,003 shares, the short-interest ratio is currently 0.6 days. Approximately 0.3% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Berkley W R Corp acquired a new position in Rising Dragon Acquisition during the 2nd quarter worth $2,366,000. Wolverine Asset Management LLC increased its stake in Rising Dragon Acquisition by 10.0% during the 2nd quarter. Wolverine Asset Management LLC now owns 192,247 shares of the company’s stock valued at $1,980,000 after buying an additional 17,521 shares during the period. JPMorgan Chase & Co. bought a new stake in Rising Dragon Acquisition in the third quarter worth about $520,000. Goldman Sachs Group Inc. lifted its position in shares of Rising Dragon Acquisition by 147.9% during 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. Finally, Clear Street Group Inc. purchased a new position in shares of Rising Dragon Acquisition in the third quarter worth approximately $88,000.

Rising Dragon Acquisition Stock Performance

Shares of RDAC traded down $0.17 during mid-day trading on Friday, reaching $7.25. 21,112 shares of the company’s stock were exchanged, compared to its average volume of 16,712. The business’s fifty day simple moving average is $9.16 and its 200-day simple moving average is $10.05. Rising Dragon Acquisition has a 52-week low of $6.54 and a 52-week high of $16.43.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Rising Dragon Acquisition in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Rising Dragon Acquisition presently has a consensus rating of “Sell”.

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.