Periscope Capital Inc. Has $4.02 Million Stock Position in Pioneer Acquisition I Corp. $PACH

Periscope Capital Inc. reduced its stake in Pioneer Acquisition I Corp. (NASDAQ:PACH) by 15.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 400,000 shares of the company’s stock after selling 75,000 shares during the period. Periscope Capital Inc.’s holdings in Pioneer Acquisition I were worth $4,020,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. MMCAP International Inc. SPC acquired a new position in shares of Pioneer Acquisition I in the fourth quarter worth approximately $7,538,000. ABC Arbitrage SA acquired a new position in shares of Pioneer Acquisition I in the fourth quarter worth approximately $251,000. Hudson Bay Capital Management LP acquired a new position in shares of Pioneer Acquisition I in the third quarter worth approximately $2,445,000. Polar Asset Management Partners Inc. acquired a new position in shares of Pioneer Acquisition I in the third quarter worth approximately $4,980,000. Finally, First Trust Capital Management L.P. acquired a new position in shares of Pioneer Acquisition I in the third quarter worth approximately $4,980,000.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Pioneer Acquisition I from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Pioneer Acquisition I Trading Up 0.1%

Shares of PACH stock opened at $10.21 on Friday. The stock has a 50 day simple moving average of $10.18 and a two-hundred day simple moving average of $10.13. Pioneer Acquisition I Corp. has a fifty-two week low of $9.94 and a fifty-two week high of $10.22.

Pioneer Acquisition I Profile

Pioneer Acquisition I (NASDAQ: PACH) is a publicly traded special purpose acquisition company (SPAC), commonly known as a blank-check company. Like other SPACs, its principal business purpose is to identify, negotiate and complete a business combination with one or more operating companies. Until a qualifying transaction is completed, the entity typically has no substantive operating business of its own and holds capital raised from public investors in trust.

As a SPAC, Pioneer Acquisition I’s activities generally include sourcing potential targets, conducting due diligence, negotiating transaction terms, and seeking shareholder approval for any proposed business combination.