International Media Acquisition (NASDAQ:IMAQ) Shares Down 2.2% – Should You Sell?

International Media Acquisition Corp. (NASDAQ:IMAQ) shares dropped 2.2% during trading on Wednesday . The company traded as low as $10.87 and last traded at $10.87. Approximately 511 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 837 shares. The stock had previously closed at $11.12.

International Media Acquisition Price Performance

The firm has a 50 day moving average of $11.25 and a two-hundred day moving average of $11.14.

Institutional Trading of International Media Acquisition

A hedge fund recently raised its stake in International Media Acquisition stock. Clear Street LLC increased its stake in shares of International Media Acquisition Corp. (NASDAQ:IMAQ) by 5.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,223 shares of the company’s stock after purchasing an additional 2,444 shares during the period. Clear Street LLC owned approximately 0.63% of International Media Acquisition worth $543,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 25.87% of the company’s stock.

International Media Acquisition Company Profile

International Media Acquisition Corp. does not have significant operations. The company intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the media and entertainment sector. International Media Acquisition Corp.