Spark I Acquisition (NASDAQ:SPKL) Stock Price Down 4.5% – What’s Next?

Shares of Spark I Acquisition Corporation (NASDAQ:SPKL) traded down 4.5% during mid-day trading on Wednesday . The company traded as low as $12.53 and last traded at $12.53. Approximately 88,032 shares changed hands during trading, a decline of 45% from the average session volume of 159,496 shares. The stock had previously closed at $13.12.

Analysts Set New Price Targets

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

Spark I Acquisition Price Performance

The firm’s 50-day simple moving average is $11.82 and its 200-day simple moving average is $11.48.

Spark I Acquisition (NASDAQ:SPKL) last issued its earnings results on Thursday, May 14th. The company reported ($0.01) EPS for the quarter.

Institutional Investors Weigh In On Spark I Acquisition

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Clear Street Group Inc. purchased a new stake in shares of Spark I Acquisition in the 3rd quarter worth $323,000. Radcliffe Capital Management L.P. bought a new stake in shares of Spark I Acquisition in the second quarter valued at about $531,000. Finally, Berkley W R Corp bought a new stake in shares of Spark I Acquisition in the fourth quarter valued at about $749,000. 34.90% of the stock is owned by institutional investors.

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.