Swiftmerge Acquisition (NASDAQ:IVCP) Shares Up 24.7% – Should You Buy?

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

Swiftmerge Acquisition Stock Up 21.1 %

The company has a market cap of $78.66 million, a price-to-earnings ratio of -575.00 and a beta of 0.03. The business’s fifty day simple moving average is $9.34 and its two-hundred day simple moving average is $10.44.

Institutional Investors Weigh In On Swiftmerge Acquisition

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of Swiftmerge Acquisition during the second quarter worth about $6,088,000. Berkley W R Corp purchased a new position in Swiftmerge Acquisition during the 2nd quarter worth approximately $1,160,000. Finally, Wolverine Asset Management LLC increased its position in Swiftmerge Acquisition by 340.1% during the third quarter. Wolverine Asset Management LLC now owns 49,000 shares of the company’s stock worth $541,000 after buying an additional 37,866 shares during the period. 38.10% of the stock is currently owned by institutional investors and hedge funds.

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.