Polar Asset Management Partners Inc. Reduces Stock Position in Pioneer Acquisition I Corp. $PACH

Key Points

• Polar Asset Management reduced its Pioneer Acquisition I position by 20% in the first quarter, selling 100,000 shares and retaining 400,000 shares valued at approximately $4.05 million, or 1.41% of the company.
• Several other hedge funds established new positions in PACH, including Boothbay Fund Management, Stoic Point Capital Management, ABC Arbitrage, L1 Global Manager and PenderFund Capital Management.
• Market sentiment remains negative: Weiss Ratings upgraded the stock from “sell (e+)” to “sell (d-),” while the sole analyst covering the company maintains a Sell rating. Shares recently opened at $10.27, near their 12-month high.

Polar Asset Management Partners Inc. cut its holdings in Pioneer Acquisition I Corp. (NASDAQ:PACH - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 400,000 shares of the company's stock after selling 100,000 shares during the period. Polar Asset Management Partners Inc. owned 1.41% of Pioneer Acquisition I worth $4,052,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PACH. PenderFund Capital Management Ltd. bought a new stake in Pioneer Acquisition I during the 4th quarter valued at $175,000. L1 Global Manager Pty Ltd bought a new position in shares of Pioneer Acquisition I in the fourth quarter worth $245,000. ABC Arbitrage SA bought a new position in shares of Pioneer Acquisition I in the fourth quarter worth $251,000. Stoic Point Capital Management LLC bought a new position in shares of Pioneer Acquisition I in the fourth quarter worth $339,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of Pioneer Acquisition I in the third quarter valued at $830,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Pioneer Acquisition I from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of "Sell".

Pioneer Acquisition I Price Performance

Shares of NASDAQ:PACH opened at $10.27 on Monday. The company has a 50 day moving average of $10.24 and a 200 day moving average of $10.18. Pioneer Acquisition I Corp. has a 12 month low of $9.94 and a 12 month high of $10.29.

Pioneer Acquisition I (NASDAQ:PACH - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported $0.06 earnings per share (EPS) for the quarter.

Pioneer Acquisition I Company Profile

Pioneer Acquisition I NASDAQ: PACH is a publicly traded special purpose acquisition company (SPAC), commonly known as a blank-check company. Like other SPACs, its principal business purpose is to identify, negotiate and complete a business combination with one or more operating companies. Until a qualifying transaction is completed, the entity typically has no substantive operating business of its own and holds capital raised from public investors in trust.

As a SPAC, Pioneer Acquisition I's activities generally include sourcing potential targets, conducting due diligence, negotiating transaction terms, and seeking shareholder approval for any proposed business combination.

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