Swiftmerge Acquisition (NASDAQ:IVCP) Trading Up 24.7% – Here’s Why

Swiftmerge Acquisition Corp. (NASDAQ:IVCP)’s share price shot up 24.7% during trading on Monday . The company traded as high as $9.50 and last traded at $9.50. 40,009 shares traded hands during mid-day trading, an increase of 64% from the average session volume of 24,355 shares. The stock had previously closed at $7.62.

Swiftmerge Acquisition Stock Up 24.7 %

The firm has a fifty day moving average price of $9.37 and a 200 day moving average price of $10.45. The company has a market cap of $64.98 million, a P/E ratio of -475.00 and a beta of 0.03.

Institutional Investors Weigh In On Swiftmerge Acquisition

Several hedge funds and other institutional investors have recently made changes to their positions in IVCP. Wolverine Asset Management LLC increased its position in Swiftmerge Acquisition by 340.1% in the third quarter. Wolverine Asset Management LLC now owns 49,000 shares of the company’s stock worth $541,000 after purchasing an additional 37,866 shares during the period. Berkley W R Corp bought a new position in Swiftmerge Acquisition in the second quarter valued at approximately $1,160,000. Finally, Quarry LP acquired a new stake in Swiftmerge Acquisition during the 2nd quarter worth $6,088,000. 38.10% of the stock is owned by institutional investors and hedge funds.

About Swiftmerge Acquisition

Swiftmerge Acquisition Corp. does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company was incorporated in 2021 and is based in West Vancouver, Canada.