Spark I Acquisition Corporation (NASDAQ:SPKL) Short Interest Up 31,990.0% in May

Spark I Acquisition Corporation (NASDAQ:SPKL) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totaling 35,299 shares, an increase of 31,990.0% from the April 30th total of 110 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average trading volume of 30,246 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPKL. Berkley W R Corp purchased a new position in Spark I Acquisition in the fourth quarter worth about $749,000. Radcliffe Capital Management L.P. purchased a new position in Spark I Acquisition in the second quarter worth about $531,000. Finally, Clear Street Group Inc. purchased a new position in Spark I Acquisition in the third quarter worth about $323,000. Hedge funds and other institutional investors own 34.90% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Spark I Acquisition in a research report on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Spark I Acquisition has a consensus rating of “Sell”.

Spark I Acquisition Trading Down 0.5%

Shares of Spark I Acquisition stock traded down $0.06 during trading on Wednesday, reaching $12.05. 40,815 shares of the stock traded hands, compared to its average volume of 15,778. The business has a fifty day simple moving average of $11.54 and a two-hundred day simple moving average of $11.37. Spark I Acquisition has a 52-week low of $10.84 and a 52-week high of $12.59.

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.

About Spark I Acquisition

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.