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

Proem Acquisition Corp I (NASDAQ:PAAC) was the target of a significant increase in short interest in 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. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily volume of 19,056 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings initiated coverage on shares of Proem Acquisition Corp I in a report on Tuesday, June 30th. They set a “sell (e)” rating for the company. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Proem Acquisition Corp I Stock Performance

Shares of Proem Acquisition Corp I stock traded up $0.01 on Thursday, reaching $10.08. 4,877 shares of the company were exchanged, compared to its average volume of 14,969. The stock’s 50 day moving average is $10.01. Proem Acquisition Corp I has a 1-year low of $9.83 and a 1-year high of $10.15.

Hedge Funds Weigh In On Proem Acquisition Corp I

A hedge fund recently raised its stake in Proem Acquisition Corp I stock. Readystate Asset Management LP increased its stake in shares of Proem Acquisition Corp I (NASDAQ:PAAC) by 2.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 139,414 shares of the company’s stock after purchasing 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.