SIM Acquisition Corp. I (NASDAQ:SIMA) Sees Significant Drop in Short Interest

SIM Acquisition Corp. I (NASDAQ:SIMA) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 6,410 shares, a drop of 45.1% from the May 31st total of 11,672 shares. Based on an average daily trading volume, of 6,332 shares, the short-interest ratio is presently 1.0 days. Approximately 0.1% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded SIM Acquisition Corp. I from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, SIM Acquisition Corp. I presently has an average rating of “Sell”.

SIM Acquisition Corp. I Stock Performance

SIM Acquisition Corp. I stock opened at $10.85 on Friday. The firm’s 50-day moving average is $10.87 and its 200-day moving average is $10.74. SIM Acquisition Corp. I has a 1 year low of $10.10 and a 1 year high of $12.90.

SIM Acquisition Corp. I (NASDAQ:SIMA) last announced its quarterly earnings data on Friday, May 15th. The company reported $0.07 earnings per share for the quarter.

Hedge Funds Weigh In On SIM Acquisition Corp. I

Several institutional investors have recently made changes to their positions in SIMA. Longfellow Investment Management Co. LLC bought a new stake in shares of SIM Acquisition Corp. I in the 3rd quarter worth approximately $80,000. Citadel Advisors LLC grew its stake in SIM Acquisition Corp. I by 22.4% during the 3rd quarter. Citadel Advisors LLC now owns 15,460 shares of the company’s stock worth $162,000 after buying an additional 2,826 shares during the last quarter. Shaolin Capital Management LLC bought a new position in SIM Acquisition Corp. I during the 2nd quarter worth $1,042,000. Sona Asset Management US LLC bought a new position in SIM Acquisition Corp. I during the 1st quarter worth $1,072,000. Finally, Sculptor Capital LP acquired a new stake in SIM Acquisition Corp. I in the second quarter worth $1,826,000.

About SIM Acquisition Corp. I

SIM Acquisition Corp. I is a Delaware?incorporated special purpose acquisition company (SPAC) formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Since completing its initial public offering in March 2021, the company has focused on identifying targets in the technology, digital media, sports, entertainment and consumer sectors.

The proceeds from its IPO are held in a trust account pending shareholder approval of its initial business combination.