Spark I Acquisition Corporation (NASDAQ:SPKL) Short Interest Update

Key Points

• Short interest plunged 35.9% in April — short interest dropped to 477 shares as of April 15 (from 744 on March 31), representing 0.0% of shares short and a days-to-cover of just 0.2 based on average daily volume.
• Institutional buying increased — Berkley W R Corp, Radcliffe Capital and Clear Street opened new positions (about $749k, $531k and $323k respectively), and institutions now own 34.9% of the stock.
• Analyst sentiment is negative — Weiss Ratings reiterated a "sell (d+)" and MarketBeat's average rating is "Sell"; Spark I reported ($0.01) EPS in the most recent quarter.

Spark I Acquisition Corporation (NASDAQ:SPKL - Get Free Report) was the target of a large drop in short interest in April. As of April 15th, there was short interest totaling 477 shares, a drop of 35.9% from the March 31st total of 744 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average daily volume of 2,470 shares, the days-to-cover ratio is presently 0.2 days.

Hedge Funds Weigh In On Spark I Acquisition

Several institutional investors have recently added to or reduced their stakes in SPKL. Berkley W R Corp purchased a new position in Spark I Acquisition during the fourth quarter worth about $749,000. Radcliffe Capital Management L.P. purchased a new stake in Spark I Acquisition in the 2nd quarter valued at about $531,000. Finally, Clear Street Group Inc. acquired a new position in shares of Spark I Acquisition during the 3rd quarter valued at about $323,000. 34.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "sell (d+)" rating on shares of Spark I Acquisition in a research report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of "Sell".

Spark I Acquisition Stock Performance

Shares of NASDAQ:SPKL traded down $0.05 during trading on Tuesday, reaching $11.34. The stock had a trading volume of 1,837 shares, compared to its average volume of 1,604. The business has a fifty day moving average price of $11.34 and a 200-day moving average price of $11.33. Spark I Acquisition has a fifty-two week low of $10.81 and a fifty-two week high of $12.01.

Spark I Acquisition (NASDAQ:SPKL - Get Free Report) last announced its earnings results on Monday, March 30th. The company reported ($0.01) earnings per share (EPS) for the quarter.

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.

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