Proem Acquisition Corp I (NASDAQ:PAAC) Shares Shorted: Short Interest Up 12,639.6% in September

Proem Acquisition Corp I (NASDAQ:PAAC) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 46,627 shares, a growth of 12,639.6% from the August 31st total of 366 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 19,056 shares, the days-to-cover ratio is presently 2.4 days.

Proem Acquisition Corp I Trading Up 0.1%

Shares of NASDAQ PAAC opened at $10.08 on Friday. The company’s 50-day moving average is $10.02. Proem Acquisition Corp I has a 52-week low of $9.83 and a 52-week high of $10.15.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Proem Acquisition Corp I stock. Readystate Asset Management LP raised its holdings in shares of Proem Acquisition Corp I (NASDAQ:PAAC) by 2.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,414 shares of the company’s stock after acquiring an additional 2,888 shares during the quarter. Readystate Asset Management LP owned approximately 0.79% of Proem Acquisition Corp I worth $1,451,000 as of its most recent SEC filing.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings assumed coverage on Proem Acquisition Corp I in a report on Tuesday, June 30th. They set a “sell (e)” rating for the company. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Proem Acquisition Corp I Company Profile

Proem Acquisition Corp I is a special purpose acquisition company (SPAC) listed on the Nasdaq under the symbol PAAC. The company was formed to pursue a merger, share exchange, asset acquisition, reorganization, or similar business combination with one or more operating businesses.

As a blank-check company, Proem Acquisition Corp I does not operate a commercial business or offer products and services of its own. Its principal activity is identifying a suitable target company and completing an initial business combination, subject to regulatory, shareholder, and other customary conditions.

Publicly available information about the company’s target industry, geographic focus, operating activities, and leadership is limited.