Short Interest in Spark I Acquisition Corporation (NASDAQ:SPKL) Declines By 38.5%

Spark I Acquisition Corporation (NASDAQ:SPKL) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totaling 5,531 shares, a decrease of 38.5% from the August 15th total of 8,987 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 10,055 shares, the days-to-cover ratio is currently 0.6 days.

Spark I Acquisition Trading Down 0.0%

Spark I Acquisition stock traded down $0.01 during midday trading on Friday, hitting $11.59. The stock had a trading volume of 20,369 shares, compared to its average volume of 19,134. Spark I Acquisition has a 52-week low of $11.04 and a 52-week high of $13.93. The firm’s fifty day moving average is $11.72 and its two-hundred day moving average is $11.76.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of Spark I Acquisition from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Spark I Acquisition presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Spark I Acquisition

A hedge fund recently bought a new stake in Spark I Acquisition stock. FNY Investment Advisers LLC bought a new position in shares of Spark I Acquisition Corporation (NASDAQ:SPKL) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 116,031 shares of the company’s stock, valued at approximately $1,456,000. FNY Investment Advisers LLC owned approximately 1.34% of Spark I Acquisition at the end of the most recent quarter. Hedge funds and other institutional investors own 34.90% of the company’s stock.

Spark I Acquisition Company Profile

Spark I Acquisition Corp. is a special purpose acquisition company, or SPAC, formed to pursue a business combination with one or more operating companies. Its potential transactions may include a merger, stock exchange, asset acquisition, stock purchase, recapitalization or similar corporate reorganization.

Unlike an operating company, Spark I Acquisition Corp. does not have established products, services or geographic markets of its own. Its activities primarily involve identifying a suitable acquisition target, conducting due diligence and negotiating the terms of a proposed transaction.

The company’s future business and market focus would depend on the target selected for its business combination.