Spark I Acquisition (NASDAQ:SPKL) Stock Price Up 0.3% – Should You Buy?

Spark I Acquisition Corporation (NASDAQ:SPKL)’s share price was up 0.3% during trading on Wednesday . The company traded as high as $11.60 and last traded at $11.60. Approximately 23,527 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 16,069 shares. The stock had previously closed at $11.57.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Spark I Acquisition from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 24th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Spark I Acquisition Stock Performance

The stock has a 50-day simple moving average of $11.80 and a 200 day simple moving average of $11.75.

Institutional Trading of Spark I Acquisition

Institutional investors and hedge funds have recently made changes to their positions in the stock. Radcliffe Capital Management L.P. acquired a new stake in Spark I Acquisition in the 2nd quarter worth $531,000. Berkley W R Corp bought a new position in shares of Spark I Acquisition in the fourth quarter valued at about $749,000. Finally, FNY Investment Advisers LLC acquired a new position in Spark I Acquisition during the 2nd quarter worth about $1,456,000. Institutional investors and hedge funds own 34.90% of the company’s stock.

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.