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

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Spark I Acquisition in a research report on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Spark I Acquisition Stock Down 4.5%

The firm’s fifty day moving average is $11.79 and its 200 day moving average is $11.47.

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

Institutional Investors Weigh In On Spark I Acquisition

Several large investors have recently bought and sold shares of the company. Berkley W R Corp increased its stake in Spark I Acquisition by 37.9% during the 1st quarter. Berkley W R Corp now owns 90,426 shares of the company’s stock worth $1,025,000 after buying an additional 24,860 shares in the last quarter. Clear Street Group Inc. purchased a new position in shares of Spark I Acquisition in the third quarter valued at approximately $323,000. Finally, Radcliffe Capital Management L.P. acquired a new stake in shares of Spark I Acquisition in the second quarter worth approximately $531,000. 34.90% of the stock is currently owned by hedge funds and other institutional investors.

Spark I Acquisition Company Profile

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.