Spark I Acquisition Corporation (NASDAQ:SPKL) Sees Large Increase in Short Interest

Spark I Acquisition Corporation (NASDAQ:SPKL) saw a significant increase in short interest in September. As of September 30th, there was short interest totaling 9,023 shares, an increase of 77.3% from the September 15th total of 5,089 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 22,653 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Spark I Acquisition stock. Berkley W R Corp increased its position in Spark I Acquisition Corporation (NASDAQ:SPKL) by 37.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,426 shares of the company’s stock after purchasing an additional 24,860 shares during the period. Berkley W R Corp owned approximately 1.04% of Spark I Acquisition worth $1,025,000 at the end of the most recent reporting period. 34.90% of the stock is owned by hedge funds and other institutional investors.

Spark I Acquisition Stock Performance

SPKL stock remained flat at $11.58 during midday trading on Friday. Spark I Acquisition has a 12 month low of $11.04 and a 12 month high of $13.93. The business’s fifty day moving average is $11.58 and its 200 day moving average is $11.79.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Spark I Acquisition from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, Spark I Acquisition has an average rating of “Sell”.

About Spark I Acquisition

Spark I Acquisition Corporation is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with one or more operating businesses. The company does not operate a commercial business of its own and therefore does not offer products or services to customers.

Its principal activity is evaluating potential merger, acquisition, or similar transactions. Until a transaction is completed, Spark I Acquisition Corporation’s activities generally consist of sourcing and assessing target companies, conducting due diligence, and pursuing the approval and closing requirements associated with a proposed business combination.

The company’s public filings provide limited information about its operating activities, geographic markets, and leadership beyond its role as an acquisition vehicle.