Spark I Acquisition (NASDAQ:SPKL) Shares Up 0.1% – Still a Buy?

Spark I Acquisition Corporation (NASDAQ:SPKL) shot up 0.1% during mid-day trading on Thursday . The stock traded as high as $12.33 and last traded at $12.15. Approximately 9,605 shares were traded during trading, a decline of 94% from the average daily volume of 163,865 shares. The stock had previously closed at $12.14.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Spark I Acquisition in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Spark I Acquisition presently has a consensus rating of “Sell”.

Spark I Acquisition Stock Performance

The firm’s 50-day simple moving average is $12.15 and its 200 day simple moving average is $11.62.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new stake in shares of Spark I Acquisition during the 2nd quarter valued at approximately $1,456,000. Berkley W R Corp grew its holdings in shares of Spark I Acquisition by 37.9% in the 1st quarter. Berkley W R Corp now owns 90,426 shares of the company’s stock worth $1,025,000 after acquiring an additional 24,860 shares during the period. Radcliffe Capital Management L.P. acquired a new stake in shares of Spark I Acquisition in the 2nd quarter worth approximately $531,000. Finally, Clear Street Group Inc. acquired a new stake in shares of Spark I Acquisition in the 3rd quarter worth approximately $323,000. 34.90% of the stock is 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.