Billionaires Halvorsen and Loeb Buying Shares of These 2 Companies, Plus 2 Other Bullish Moves

According to a new Schedule 13D filing, J. Carlo Cannell’s Cannell Capital currently owns 1.39 million shares of Rightside Group Ltd (NASDAQ:NAME), which make up 7.32% of the company’s outstanding common stock. This is up from the stake of 1.32 million shares revealed in the fund’s latest 13F filing. More importantly, Carlo Cannell recently sent a letter to the company’s Chairman of the Board, expressing his discontent with the company’s operational focus. Before diving into the content of the letter, Rightside Group is a provider of domain name registration and other related value-added service subscriptions. Rightside Group is also an accredited registry for new generic Top Level Domains (GTLDs), some of which include .democrat, .dance, and .navy, to name just a few. The shares of the company have advanced by 17% over the past year.

Carlo Cannell and his team believe that the new GLTDs represent an opportunity in “the emerging market for second generation domain names”; however, they also believe that Rightside Group Ltd (NASDAQ:NAME) is not making the most of its domain name registrar. As a result, the manager of Cannell Capital submitted “both a plan and a request” to the company’s Board, which stipulates the termination of more than 20% of its “weaker staff”, the unification of all of its products under the eNom.com brand, the refinancing of all debt, and the addition of two new board members, “with a suggestion, but not a requirement that two incumbents resign”. A total of 17 smart money investors monitored by our team were invested in the company at the end of the fourth quarter, amassing 13.50% of its outstanding shares. Daniel S. Och’s OZ Management acquired a new stake of 213,637 shares in Rightside Group Ltd (NASDAQ:NAME) during the fourth quarter.

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