SIM Acquisition Corp. I (NASDAQ:SIMA) Sees Large Decrease in Short Interest

SIM Acquisition Corp. I (NASDAQ:SIMA) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 6,410 shares, a drop of 45.1% from the May 31st total of 11,672 shares. Based on an average daily trading volume, of 6,332 shares, the short-interest ratio is presently 1.0 days. Approximately 0.1% of the shares of the company are short sold.

SIM Acquisition Corp. I Stock Performance

SIMA traded down $0.03 on Thursday, hitting $10.85. The company had a trading volume of 269 shares, compared to its average volume of 57,950. SIM Acquisition Corp. I has a 52-week low of $10.10 and a 52-week high of $12.90. The stock has a fifty day simple moving average of $10.87 and a 200-day simple moving average of $10.74.

SIM Acquisition Corp. I (NASDAQ:SIMA) last posted its quarterly earnings data on Friday, May 15th. The company reported $0.07 earnings per share for the quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Shaolin Capital Management LLC bought a new position in SIM Acquisition Corp. I during the second quarter valued at approximately $1,042,000. Hudson Bay Capital Management LP bought a new stake in shares of SIM Acquisition Corp. I in the 2nd quarter valued at about $3,099,000. Radcliffe Capital Management L.P. purchased a new position in SIM Acquisition Corp. I during the 2nd quarter worth $2,820,000. Sculptor Capital LP purchased a new position in shares of SIM Acquisition Corp. I in the 2nd quarter valued at approximately $1,826,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of SIM Acquisition Corp. I in the third quarter worth $80,000.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut SIM Acquisition Corp. I from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

SIM Acquisition Corp. I Company Profile

SIM Acquisition Corp. I is a Delaware‐incorporated special purpose acquisition company (SPAC) formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Since completing its initial public offering in March 2021, the company has focused on identifying targets in the technology, digital media, sports, entertainment and consumer sectors.

The proceeds from its IPO are held in a trust account pending shareholder approval of its initial business combination.