Sona Asset Management US LLC Takes Position in LightWave Acquisition Corp. $LWAC

Key Points

• Sona Asset Management US LLC acquired 199,100 shares of LightWave Acquisition, valued at approximately $2.03 million, representing a 0.66% stake.
• Several other hedge funds, including AQR Arbitrage, Magnetar Financial, and TENOR Capital Management, also established sizable positions in the company recently.
• LWAC shares opened at $10.24 and have traded between $9.81 and $10.28 over the past year. The company reported quarterly EPS of $0.06, while its sole analyst maintains a Sell rating.

Sona Asset Management US LLC acquired a new stake in LightWave Acquisition Corp. (NASDAQ:LWAC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 199,100 shares of the company's stock, valued at approximately $2,031,000. Sona Asset Management US LLC owned 0.66% of LightWave Acquisition at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. AQR Arbitrage LLC acquired a new position in LightWave Acquisition in the 3rd quarter valued at about $13,958,000. Magnetar Financial LLC acquired a new stake in shares of LightWave Acquisition during the fourth quarter worth about $10,279,000. TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new stake in shares of LightWave Acquisition during the third quarter worth about $9,950,000. Westchester Capital Management LLC purchased a new position in shares of LightWave Acquisition in the fourth quarter valued at approximately $8,240,000. Finally, Alberta Investment Management Corp purchased a new position in shares of LightWave Acquisition in the fourth quarter valued at approximately $7,538,000.

LightWave Acquisition Stock Up 0.1%

LightWave Acquisition stock opened at $10.24 on Monday. LightWave Acquisition Corp. has a twelve month low of $9.81 and a twelve month high of $10.28. The stock's fifty day simple moving average is $10.23 and its 200-day simple moving average is $10.16.

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

Analyst Upgrades and Downgrades

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

LightWave Acquisition Company 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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