LightWave Acquisition (NASDAQ:LWAC) Stock Price Down 0.1% – Should You Sell?

Shares of LightWave Acquisition Corp. (NASDAQ:LWAC) were down 0.1% during mid-day trading on Thursday. The company traded as low as $10.35 and last traded at $10.34. Approximately 140 shares were traded during mid-day trading, a decline of 100% from the average session volume of 53,122 shares. The stock had previously closed at $10.35.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded LightWave Acquisition from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 1st. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

LightWave Acquisition Price Performance

The firm has a fifty day moving average of $10.35 and a 200-day moving average of $10.27.

Institutional Trading of LightWave Acquisition

An institutional investor recently bought a new stake in LightWave Acquisition stock. Sona Asset Management US LLC acquired a new position in shares of LightWave Acquisition Corp. (NASDAQ:LWAC) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 199,100 shares of the company’s stock, valued at approximately $2,031,000. Sona Asset Management US LLC owned about 0.66% of LightWave Acquisition as of its most recent SEC filing.

About LightWave Acquisition

LightWave Acquisition Corporation is a special purpose acquisition company (SPAC) listed on the Nasdaq under the symbol LWAC. Unlike an operating company, it was formed to raise capital through a public offering and identify a private business with which to complete a merger, acquisition, or similar business combination.

The company does not appear to manufacture products or provide ongoing commercial services of its own. Its principal activities are evaluating potential acquisition targets, negotiating a business combination, and completing related regulatory and shareholder-approval processes.