Polar Asset Management Partners Inc. Takes $3.65 Million Position in LightWave Acquisition Corp. $LWAC

Key Points

• Polar Asset Management Partners acquired 357,500 shares of LightWave Acquisition worth approximately $3.65 million, representing about 1.19% of the company.
• Several other institutional investors increased or initiated positions in LWAC, including Berkley W R Corp and Wolverine Asset Management, which raised their holdings by 11.1% and 40.3%, respectively.
• LWAC was trading near $10.24, while the company reported quarterly EPS of $0.06. The sole analyst rating remains Sell, and LightWave Acquisition is a blank-check company seeking a business combination.

Polar Asset Management Partners Inc. acquired a new position in LightWave Acquisition Corp. (NASDAQ:LWAC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 357,500 shares of the company's stock, valued at approximately $3,646,000. Polar Asset Management Partners Inc. owned about 1.19% of LightWave Acquisition at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of LWAC. PenderFund Capital Management Ltd. acquired a new position in LightWave Acquisition during the 4th quarter valued at $102,000. Quarry LP bought a new position in shares of LightWave Acquisition during the 4th quarter worth about $246,000. Berkley W R Corp increased its holdings in shares of LightWave Acquisition by 11.1% during the 4th quarter. Berkley W R Corp now owns 248,050 shares of the company's stock worth $2,488,000 after purchasing an additional 24,872 shares during the period. ABC Arbitrage SA acquired a new position in shares of LightWave Acquisition during the fourth quarter valued at about $351,000. Finally, Wolverine Asset Management LLC raised its position in shares of LightWave Acquisition by 40.3% during the fourth quarter. Wolverine Asset Management LLC now owns 140,302 shares of the company's stock valued at $1,410,000 after buying an additional 40,272 shares during the last quarter.

LightWave Acquisition Trading Up 0.1%

LWAC opened at $10.24 on Monday. The firm's fifty day moving average price is $10.23 and its two-hundred day moving average price is $10.16. LightWave Acquisition Corp. has a fifty-two week low of $9.81 and a fifty-two week high of $10.28.

LightWave Acquisition (NASDAQ:LWAC - Get Free Report) last announced its quarterly earnings data on Friday, May 15th. The company reported $0.06 earnings per share (EPS) for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of LightWave Acquisition from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell".

LightWave Acquisition Profile

Locust Walk Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in Boston, Massachusetts.

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