Silver Spike Acquisition Corp. (NASDAQ:SSPK) Sees Large Growth in Short Interest

Silver Spike Acquisition Corp. (NASDAQ:SSPK) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 80,400 shares, an increase of 195.6% from the December 15th total of 27,200 shares. Based on an average trading volume of 885,300 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.3% of the company’s stock are short sold.

NASDAQ:SSPK opened at $17.43 on Thursday. The stock has a 50-day simple moving average of $12.65 and a 200-day simple moving average of $10.75. Silver Spike Acquisition has a 1 year low of $9.51 and a 1 year high of $17.68.

In other news, major shareholder Polar Asset Management Partner sold 1,266,608 shares of the company’s stock in a transaction dated Thursday, December 10th. The stock was sold at an average price of $14.23, for a total transaction of $18,023,831.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Several institutional investors have recently bought and sold shares of the company. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Silver Spike Acquisition in the 3rd quarter valued at about $230,000. Rivernorth Capital Management LLC purchased a new stake in shares of Silver Spike Acquisition in the 3rd quarter valued at about $2,026,000. TIG Advisors LLC purchased a new stake in shares of Silver Spike Acquisition in the 3rd quarter valued at about $901,000. Saba Capital Management L.P. purchased a new stake in shares of Silver Spike Acquisition in the 3rd quarter valued at about $1,286,000. Finally, J. Goldman & Co LP purchased a new stake in shares of Silver Spike Acquisition in the 3rd quarter valued at about $5,698,000. 63.20% of the stock is owned by institutional investors and hedge funds.

Silver Spike Acquisition Company Profile

Silver Spike Acquisition Corp. does not have significant operations. It intends to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses operating in the cannabis industry. Silver Spike Acquisition Corp.

Featured Story: Federal Reserve