Swiftmerge Acquisition (NASDAQ:IVCP) Shares Down 11.2% – What’s Next?

Shares of Swiftmerge Acquisition Corp. (NASDAQ:IVCP) dropped 11.2% during mid-day trading on Tuesday . The stock traded as low as $6.08 and last traded at $6.08. Approximately 10,786 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 24,355 shares. The stock had previously closed at $6.85.

Swiftmerge Acquisition Stock Performance

The firm has a market cap of $41.59 million, a P/E ratio of -304.00 and a beta of 0.03. The stock’s 50-day moving average is $8.88 and its 200 day moving average is $10.00.

Institutional Investors Weigh In On Swiftmerge Acquisition

A hedge fund recently raised its stake in Swiftmerge Acquisition stock. Wolverine Asset Management LLC increased its holdings in shares of Swiftmerge Acquisition Corp. (NASDAQ:IVCP) by 340.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,000 shares of the company’s stock after purchasing an additional 37,866 shares during the quarter. Wolverine Asset Management LLC owned 0.72% of Swiftmerge Acquisition worth $541,000 as of its most recent filing with the SEC. 38.10% of the stock is currently 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.