BEST SPAC I Acquisition Corp. (NASDAQ:BSAA) Sees Large Growth in Short Interest

BEST SPAC I Acquisition Corp. (NASDAQ:BSAA) saw a significant increase in short interest in May. As of May 15th, there was short interest totaling 13,591 shares, an increase of 183.7% from the April 30th total of 4,791 shares. Based on an average daily volume of 6,104 shares, the days-to-cover ratio is presently 2.2 days. Currently, 0.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised BEST SPAC I Acquisition from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Institutional Investors Weigh In On BEST SPAC I Acquisition

Hedge funds have recently modified their holdings of the stock. Wolverine Asset Management LLC lifted its holdings in shares of BEST SPAC I Acquisition by 39.8% during the fourth quarter. Wolverine Asset Management LLC now owns 525,982 shares of the company’s stock valued at $5,328,000 after purchasing an additional 149,612 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of BEST SPAC I Acquisition during the fourth quarter valued at $1,646,000. L1 Global Manager Pty Ltd purchased a new stake in shares of BEST SPAC I Acquisition during the fourth quarter valued at $506,000. Berkley W R Corp lifted its holdings in shares of BEST SPAC I Acquisition by 8.9% during the fourth quarter. Berkley W R Corp now owns 325,255 shares of the company’s stock valued at $3,285,000 after purchasing an additional 26,672 shares during the last quarter. Finally, Glazer Capital LLC lifted its holdings in shares of BEST SPAC I Acquisition by 36.3% during the fourth quarter. Glazer Capital LLC now owns 203,308 shares of the company’s stock valued at $2,053,000 after purchasing an additional 54,136 shares during the last quarter.

BEST SPAC I Acquisition Stock Down 8.6%

Shares of BEST SPAC I Acquisition stock traded down $1.10 during trading on Friday, hitting $11.70. The stock had a trading volume of 30,360 shares, compared to its average volume of 23,631. The firm’s fifty day simple moving average is $10.54. BEST SPAC I Acquisition has a fifty-two week low of $9.82 and a fifty-two week high of $13.37.

BEST SPAC I Acquisition (NASDAQ:BSAA) last announced its earnings results on Tuesday, April 28th. The company reported $0.10 EPS for the quarter.

BEST SPAC I Acquisition Company Profile

BEST SPAC I Acquisition Corp. (NASDAQ: BSAA) is a publicly traded special purpose acquisition company (SPAC) formed to identify, acquire and merge with one or more operating businesses. As a blank?check company listed on the Nasdaq, its primary business activity is to seek a business combination that will result in the target becoming a publicly traded company through the SPAC vehicle.

Like other SPACs, BEST SPAC I is structured to raise capital from public investors and hold the proceeds in trust while management evaluates potential acquisition targets.