Proem Acquisition Corp I (NASDAQ:PAAC) Shares Shorted: Short Interest Up 12,639.6% in September

Key Points

• Short interest surged 12,639.6% to 46,627 shares as of September 15, up from 366 shares at the end of August. About 0.3% of PAAC’s shares are sold short, with a 2.4-day days-to-cover ratio.
• Weiss Ratings initiated coverage with a “Sell” rating, and MarketBeat reports an average analyst rating of “Sell.”
• PAAC shares recently traded at $10.08, up 0.1%, while Readystate Asset Management increased its stake by 2.1% to 139,414 shares. Proem Acquisition Corp I is a SPAC seeking a business combination and currently has no operating commercial business.

Proem Acquisition Corp I (NASDAQ:PAAC - Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 46,627 shares, an increase of 12,639.6% from the August 31st total of 366 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average trading volume of 19,056 shares, the days-to-cover ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings assumed coverage on shares of Proem Acquisition Corp I in a research note on Tuesday, June 30th. They issued a "sell (e)" rating for the company. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Proem Acquisition Corp I has an average rating of "Sell".

Proem Acquisition Corp I Stock Up 0.1%

PAAC stock traded up $0.01 during trading on Thursday, hitting $10.08. 4,877 shares of the company's stock traded hands, compared to its average volume of 14,969. Proem Acquisition Corp I has a 1 year low of $9.83 and a 1 year high of $10.15. The stock's fifty day moving average price is $10.01.

Institutional Investors Weigh In On Proem Acquisition Corp I

A hedge fund recently raised its stake in Proem Acquisition Corp I stock. Readystate Asset Management LP lifted its position in shares of Proem Acquisition Corp I (NASDAQ:PAAC - Free Report) by 2.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 139,414 shares of the company's stock after acquiring an additional 2,888 shares during the quarter. Readystate Asset Management LP owned 0.79% of Proem Acquisition Corp I worth $1,451,000 as of its most recent SEC filing.

About Proem Acquisition Corp I

Proem Acquisition Corp I is a special purpose acquisition company (SPAC) listed on the Nasdaq under the symbol PAAC. The company was formed to pursue a merger, share exchange, asset acquisition, reorganization, or similar business combination with one or more operating businesses.

As a blank-check company, Proem Acquisition Corp I does not operate a commercial business or offer products and services of its own. Its principal activity is identifying a suitable target company and completing an initial business combination, subject to regulatory, shareholder, and other customary conditions.

Publicly available information about the company's target industry, geographic focus, operating activities, and leadership is limited.

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