Silver Spike Acquisition (NASDAQ:SSPK) Shares Down 6.7%

Silver Spike Acquisition Corp. (NASDAQ:SSPK) dropped 6.7% during mid-day trading on Tuesday . The stock traded as low as $20.34 and last traded at $25.25. Approximately 1,712,366 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 1,592,310 shares. The stock had previously closed at $27.05.

The company’s fifty day simple moving average is $21.72 and its 200-day simple moving average is $13.38.

In other Silver Spike Acquisition news, major shareholder Polar Asset Management Partner sold 1,266,608 shares of Silver Spike Acquisition stock in a transaction on Thursday, December 10th. The shares were sold at an average price of $14.23, for a total value of $18,023,831.84. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bloom Tree Partners LLC acquired a new stake in shares of Silver Spike Acquisition during the fourth quarter worth $21,491,000. Senvest Management LLC acquired a new stake in shares of Silver Spike Acquisition during the fourth quarter worth $15,719,000. Falcon Edge Capital LP acquired a new stake in shares of Silver Spike Acquisition during the fourth quarter worth $12,819,000. Karpus Management Inc. lifted its stake in shares of Silver Spike Acquisition by 43.7% during the third quarter. Karpus Management Inc. now owns 914,523 shares of the company’s stock worth $9,264,000 after buying an additional 278,173 shares during the period. Finally, J. Goldman & Co LP acquired a new stake in shares of Silver Spike Acquisition during the third quarter worth $5,698,000. 64.08% of the stock is currently owned by institutional investors and hedge funds.

Silver Spike Acquisition Company Profile (NASDAQ:SSPK)

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.

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