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

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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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