Spark I Acquisition Corporation (NASDAQ:SPKL) Sees Significant Decrease in Short Interest

Spark I Acquisition Corporation (NASDAQ:SPKL) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 11,551 shares, a drop of 48.2% from the July 15th total of 22,299 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 42,135 shares, the days-to-cover ratio is currently 0.3 days.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d+)” rating on shares of Spark I Acquisition in a research note on Wednesday, June 24th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Spark I Acquisition has a consensus rating of “Sell”.

Spark I Acquisition Trading Down 0.5%

Shares of SPKL stock opened at $11.61 on Friday. Spark I Acquisition has a 52 week low of $10.90 and a 52 week high of $13.93. The company’s fifty day simple moving average is $12.16 and its two-hundred day simple moving average is $11.72.

Spark I Acquisition (NASDAQ:SPKL) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.01) earnings per share for the quarter.

Hedge Funds Weigh In On Spark I Acquisition

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new position in Spark I Acquisition during the 2nd quarter valued at approximately $1,456,000. Berkley W R Corp bought a new position in shares of Spark I Acquisition during the 4th quarter valued at approximately $749,000. Finally, Radcliffe Capital Management L.P. bought a new position in shares of Spark I Acquisition during the 2nd quarter valued at approximately $531,000. 34.90% of the stock is owned by institutional investors.

Spark I Acquisition Company Profile

Spark I Acquisition Corp. is a Delaware-incorporated special purpose acquisition company (SPAC) listed on the NASDAQ under the ticker SPKL. Formed in 2020, the company has no commercial operations of its own and was established to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a blank check company, Spark I Acquisition holds funds in trust until it identifies and completes a business combination target.

The company’s primary focus is on identifying high-growth businesses, with an emphasis on sectors such as technology, industrials and consumer products.