Swiftmerge Acquisition (NASDAQ:IVCP) Shares Down 3.8% – Here’s Why

Shares of Swiftmerge Acquisition Corp. (NASDAQ:IVCP) were down 3.8% during trading on Monday . The company traded as low as $9.30 and last traded at $9.95. Approximately 7,383 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 24,355 shares. The stock had previously closed at $10.34.

Swiftmerge Acquisition Trading Down 3.8 %

The company has a market cap of $68.06 million, a PE ratio of -497.50 and a beta of 0.03. The firm’s 50-day simple moving average is $9.10 and its two-hundred day simple moving average is $10.39.

Institutional Trading of Swiftmerge Acquisition

A hedge fund recently raised its stake in Swiftmerge Acquisition stock. Berkley W R Corp lifted its position in Swiftmerge Acquisition Corp. (NASDAQ:IVCP) by 73.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 184,447 shares of the company’s stock after purchasing an additional 78,003 shares during the quarter. Berkley W R Corp owned about 2.70% of Swiftmerge Acquisition worth $2,034,000 as of its most recent SEC filing. 38.10% of the stock is owned by hedge funds and other institutional investors.

Swiftmerge Acquisition Company Profile

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.