Billionaire Mark Cuban Reiterates Stake In Reading International Inc (RDIB)

For the three months of 2015, Reading International, Inc. (NASDAQ:RDI) posted revenues of $60.6 million and earnings per share of $0.13, a significant decline from the $0.73 per share reported for the previous quarter. The stock is currently trading at a Price to Earnings (P/E) multiple of 9.xx, which is significantly lower than the industry average of 92.20. By mid-July, the stock had been in a positive trend and reaching a high of $14.22 before taking a battering in the last two weeks of July.

At the end of May, Mark Cuban has disclosed the liquidation of his stake in Rentrak Corporation (NASDAQ:RENT), a provider of consumer viewing and purchasing patterns for media and television companies. Cuban had sold 772,900 shares to a private party at $62.75 per unit. He holds 1.13 million shares of Vringo, Inc. (NASDAQ:VRNG), which account for 1.4% of the company’s common stock. Mark Cuban also owns several film distributors and providers of entertainment facilities through 2929 Entertainment, a media group which he co-founded. The group manages companies such as Magnolia Pictures and Landmark Theaters, entities Cuban had put up for sale back in 2011.

In 2008, the Securities and Exchange Commission filed a suit against Cuban for alleged insider trading with the shares of Mamma.com, now Copernic. Cuban pleaded not guilty and was acquitted in 2013 by a Texas Jury. He is also a critique of High Frequency Trading, which has sparked intense debate in the past couple of years.

Disclosure: none.