Silver Spike Acquisition Corp. (SSPK) – Don’t Be So Quick to Call it Dead

Silver Spike Acquisition Corp. (NASDAQ: SSPK) is 23.96% higher on its value in year-to-date trading and has touched a low of $9.51 and a high of $17.68 in the current 52-week trading range. The SSPK stock was last observed hovering at around $16.71 in the last trading session, with the day’s loss setting it -0.88%.

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Currently trading at $15.83, the stock is 18.42% and 37.83% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 1.37 million and changing -5.27% at the moment leaves the stock 52.36% off its SMA200. SSPK registered 59.90% gain for a year compared to 6-month gain of 56.73%. The firm has a 50-day simple moving average (SMA 50) of $12.25 and a 200-day simple moving average (SMA200) of $10.61.

The stock witnessed a 50.91% loss in the last 1 month and extending the period to 3 months gives it a 56.42%, and is 21.49% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 12.67% over the week and 8.36% over the month.

Distance from 52-week low is 66.46% and -10.46% from its 52-week high.

Silver Spike Acquisition Corp. (SSPK) Analyst Forecasts


Silver Spike Acquisition Corp. (SSPK) Top Institutional Holders

50 institutions hold shares in Silver Spike Acquisition Corp. (SSPK), with 576.2k shares held by insiders accounting for 7.60% while institutional investors hold 94.95% of the company’s shares. The shares outstanding are 31.25M, and float is at 23.10M with Short Float at 0.35%. Institutions hold 87.74% of the Float.

The top institutional shareholder in the company is Polar Asset Management Partners Inc. with over 3.02 million shares valued at $30.6 million. The investor’s holdings represent 9.67% of the SSPK Shares outstanding. As of Sep 29, 2020, the second largest holder is Mizuho Securities USA, Inc. with 1.31 million shares valued at $13.3 million to account for 4.20% of the shares outstanding. The other top investors are Bank of Montreal/Can/ which holds 1.2 million shares representing 3.84% and valued at over $12.16 million, while Basso Capital Management, L.P. holds 3.51% of the shares totaling 1.1 million with a market value of $11.11 million.

Silver Spike Acquisition Corp. (SSPK) Insider Activity

A total of 7 insider transactions have happened at Silver Spike Acquisition Corp. (SSPK) in the last six months, with sales accounting for 7 and purchases happening 0 times. The most recent transaction is an insider sale by Polar Asset Management Partner, the company’s 10% Owner. SEC filings show that Polar Asset Management Partner sold 1,266,608 shares of the company’s common stock on Dec 10 at a price of $14.23 per share for a total of $18.03 million. Following the sale, the insider now owns 1.75 million shares.

Silver Spike Acquisition Corp. disclosed in a document filed with the SEC on May 13 that Polar Asset Management Partner (10% Owner) bought a total of 50,000 shares of the company’s common stock. The trade occurred on May 13 and was made at $9.88 per share for $0.49 million. Following the transaction, the insider now directly holds 3.02 million shares of the SSPK stock.

Still, SEC filings show that on Apr 28, Polar Asset Management Partner (10% Owner) disposed off 75,000 shares at an average price of $9.88 for $0.74 million. The insider now directly holds 2,498,500 shares of Silver Spike Acquisition Corp. (SSPK).

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