350,000 Shares in Lafayette Acquisition Corp. $LAFA Bought by Sona Asset Management US LLC

Key Points

• Sona Asset Management US LLC acquired 350,000 shares of Lafayette Acquisition Corp. during the first quarter, worth approximately $3.49 million and representing about 2.56% of the company.
• Several other institutional investors and hedge funds also established positions in LAFA, including Verition Fund Management, First Trust Capital Management, Radcliffe Capital Management, Berkley W R Corp, and Clear Street Group.
• Lafayette Acquisition maintains a consensus “Sell” rating, while its shares opened at $10.11 and recently reported quarterly earnings of $0.05 per share.

Sona Asset Management US LLC acquired a new stake in Lafayette Acquisition Corp. (NASDAQ:LAFA - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 350,000 shares of the company's stock, valued at approximately $3,490,000. Sona Asset Management US LLC owned approximately 2.56% of Lafayette Acquisition at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LAFA. First Trust Capital Management L.P. bought a new position in Lafayette Acquisition during the 4th quarter worth about $2,970,000. Berkley W R Corp bought a new stake in shares of Lafayette Acquisition in the fourth quarter valued at about $1,473,000. Clear Street Group Inc. bought a new stake in shares of Lafayette Acquisition in the fourth quarter valued at about $1,273,000. Verition Fund Management LLC acquired a new position in shares of Lafayette Acquisition during the fourth quarter worth about $3,628,000. Finally, Radcliffe Capital Management L.P. acquired a new position in shares of Lafayette Acquisition during the fourth quarter worth about $1,980,000.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Lafayette Acquisition from a "sell (e)" rating to a "sell (e+)" rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Lafayette Acquisition presently has a consensus rating of "Sell".

Lafayette Acquisition Stock Down 0.0%

Lafayette Acquisition stock opened at $10.11 on Monday. Lafayette Acquisition Corp. has a 1-year low of $9.87 and a 1-year high of $10.20. The company has a fifty day simple moving average of $10.09.

Lafayette Acquisition (NASDAQ:LAFA - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.05 EPS for the quarter.

Lafayette Acquisition Company Profile

Lafayette Acquisition Corp. NASDAQ: LAFA is a special purpose acquisition company (SPAC) formed to identify, acquire, or merge with one or more operating businesses. As a blank‑check vehicle, its primary business activity is sourcing and completing a business combination that would result in a privately held company becoming publicly traded through the SPAC structure.

The company raises capital from public market investors and typically holds the IPO proceeds in trust while its management and sponsors evaluate potential targets.

Want to see what other hedge funds are holding LAFA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lafayette Acquisition Corp. (NASDAQ:LAFA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.