Indigo Acquisition Corp. (NASDAQ:INAC – Get Free Report) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 134 shares, a decline of 81.7% from the July 15th total of 733 shares. Approximately 0.0% of the company’s shares are short sold. Based on an average daily trading volume, of 4,996 shares, the days-to-cover ratio is presently 0.0 days.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the business. Sona Asset Management US LLC bought a new stake in shares of Indigo Acquisition during the 1st quarter valued at about $1,611,000. Rivernorth Capital Management LLC increased its holdings in Indigo Acquisition by 10.4% in the fourth quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company’s stock worth $3,447,000 after purchasing an additional 32,426 shares in the last quarter. Toronto Dominion Bank increased its holdings in Indigo Acquisition by 16.4% in the fourth quarter. Toronto Dominion Bank now owns 59,658 shares of the company’s stock worth $600,000 after purchasing an additional 8,400 shares in the last quarter. Heights Capital Management Inc. acquired a new position in Indigo Acquisition in the fourth quarter valued at approximately $1,008,000. Finally, Westchester Capital Management LLC acquired a new position in Indigo Acquisition in the fourth quarter valued at approximately $2,520,000.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings raised Indigo Acquisition from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Indigo Acquisition presently has an average rating of “Sell”.
Indigo Acquisition Stock Performance
Shares of NASDAQ INAC traded down $0.03 during midday trading on Friday, reaching $10.32. The stock had a trading volume of 1,132 shares, compared to its average volume of 3,633. The firm has a 50 day simple moving average of $10.26. Indigo Acquisition has a twelve month low of $9.94 and a twelve month high of $10.35.
Indigo Acquisition (NASDAQ:INAC – Get Free Report) last announced its earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share for the quarter.
Indigo Acquisition Company Profile
Indigo Acquisition (NASDAQ: INAC) is a special purpose acquisition company (SPAC) formed to raise capital through a public offering and to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a blank-check vehicle, the company’s principal activity is identifying and evaluating acquisition targets rather than operating a traditional commercial enterprise. Funds raised in the offering are typically held in a trust account pending completion of a qualifying business combination.
Like other SPACs, Indigo Acquisition’s activities center on sourcing, negotiating and completing a strategic combination that can provide a private operating company with access to public markets.
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