Is PROOF Acquisition Corp. I overvalued or undervalued?

As of 10 May 2023, the valuation grade for PROOF Acquisition Corp. I has moved from does not qualify to risky. The company appears to be overvalued given its negative valuation ratios, including a Price to Book Value of -0.24, an EV to EBIT of -1.25, and an EV to EBITDA of -1.30. In comparison, Viveon Health Acquisition Corp. has a significantly higher P/E ratio of -14.82, indicating that it is considered expensive, while EF Hutton Acquisition Corp. I is also classified as risky with an EV to EBITDA of -3.61.
The recent stock performance further underscores this valuation assessment, as PROOF Acquisition Corp. I has experienced a staggering YTD return of -75.18%, compared to a positive return of 12.22% for the S&P 500. Given these factors, the company is considered overvalued in its current state.