Rivernorth Capital Management LLC Purchases Shares of 299,992 Lake Superior Acquisition Corp $LKSP

Key Points

• Rivernorth Capital Management purchased 299,992 shares of Lake Superior Acquisition Corp., valued at approximately $3.0 million, giving it a 2.53% stake.
• Several other institutional investors and hedge funds also initiated positions, including Context Capital Management, Moore Capital Management, Sona Asset Management, TrueMark Investments and Virtu Financial.
• LKSP opened at $10.17 and trades near its 52-week high of $10.17, but analyst sentiment remains negative: one analyst rates it Sell and MarketBeat lists an average rating of Sell.

Rivernorth Capital Management LLC purchased a new stake in Lake Superior Acquisition Corp (NASDAQ:LKSP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 299,992 shares of the company's stock, valued at approximately $3,015,000. Rivernorth Capital Management LLC owned 2.53% of Lake Superior Acquisition as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Lake Superior Acquisition during the 4th quarter worth $359,000. TrueMark Investments LLC bought a new position in Lake Superior Acquisition in the 1st quarter worth $363,000. Sona Asset Management US LLC bought a new position in Lake Superior Acquisition in the 1st quarter worth $892,000. Moore Capital Management LP acquired a new position in shares of Lake Superior Acquisition during the 4th quarter worth about $1,042,000. Finally, Context Capital Management LLC bought a new stake in Lake Superior Acquisition during the 4th quarter valued at approximately $1,736,000.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Lake Superior Acquisition from a "sell (e)" rating to a "sell (e+)" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of "Sell".

Lake Superior Acquisition Price Performance

NASDAQ:LKSP opened at $10.17 on Wednesday. Lake Superior Acquisition Corp has a one year low of $9.89 and a one year high of $10.17. The firm's fifty day moving average is $10.14.

Lake Superior Acquisition (NASDAQ:LKSP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $0.04 earnings per share (EPS) for the quarter.

Lake Superior Acquisition Profile

Lake Superior Acquisition Corp. NASDAQ: LKSP is a special purpose acquisition company (SPAC) formed to identify, acquire or merge with one or more businesses. As a blank‑check vehicle, its principal purpose is to raise capital in the public markets and use those proceeds, typically held in trust, to complete a business combination that delivers an operating company to public investors.

The company's primary activities center on sourcing, negotiating and consummating an initial business combination.

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