SIM Acquisition Corp. I (NASDAQ:SIMA) Trading Down 0.3% – Should You Sell?

SIM Acquisition Corp. I (NASDAQ:SIMA) shares fell 0.3% during trading on Friday . The company traded as low as $10.77 and last traded at $10.6950. 105 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 31,276 shares. The stock had previously closed at $10.73.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of SIM Acquisition Corp. I in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, SIM Acquisition Corp. I currently has a consensus rating of “Sell”.

SIM Acquisition Corp. I Stock Performance

The business has a 50-day moving average price of $10.64 and a 200 day moving average price of $10.57.

Hedge Funds Weigh In On SIM Acquisition Corp. I

A number of institutional investors have recently bought and sold shares of the stock. Wealthspring Capital LLC lifted its stake in SIM Acquisition Corp. I by 131.4% during the second quarter. Wealthspring Capital LLC now owns 631,296 shares of the company’s stock valued at $6,579,000 after buying an additional 358,526 shares in the last quarter. BCK Capital Management LP purchased a new position in shares of SIM Acquisition Corp. I in the second quarter worth approximately $521,000. Alberta Investment Management Corp acquired a new stake in shares of SIM Acquisition Corp. I during the second quarter valued at approximately $7,822,000. Magnetar Financial LLC purchased a new stake in shares of SIM Acquisition Corp. I in the 2nd quarter valued at approximately $20,366,000. Finally, Picton Mahoney Asset Management boosted its stake in SIM Acquisition Corp. I by 28.6% in the 2nd quarter. Picton Mahoney Asset Management now owns 1,800,000 shares of the company’s stock worth $18,760,000 after purchasing an additional 400,000 shares during the period.

SIM Acquisition Corp. I Company Profile

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.