Ignore Ray Dalio? Why GameStop Stock Deserves a Second Chance. (InvestorPlace)
A hedge fund founded by famous billionaire Ray Dalio reportedly sold its entire stake in GameStop (GME). However, GameStop appears to be successfully navigating a turnaround. Investors shouldn’t give up on GME stock in 2023. Apparently, a highly respected investor has lost faith in video game retailer GameStop (NYSE:GME). Or at least, his firm divested its position in GME stock. Whether you also intend to give up on GameStop is entirely up to you. However, even though GameStop isn’t perfect, the company is demonstrating improvement, and investors don’t have to just bail on the stock.
The Hedge Funds Benefiting From Nvidia (Institutional Investor)
The surging chipmaker has a significant presence in more than a few well-known hedge fund firm portfolios. If you think Nvidia shareholders were already excited by its stock performance over the past year, you can be sure that they’re delirious after the chip giant reported quarterly results Wednesday evening that blew away expectations.
Spruce Point bets against ad-tech firm Perion Network (Hedge Week)
Concerns over the accuracy of the Perion Network’s financial reporting have prompted New York-based hedge fund Spruce Point Capital to establish a new short position in the Israel-based advertising technology firm, according to a report by Reuters. The report cites Spruce Point Capital as saying that given its “extreme dependency” on a Microsoft Corp search partnership that is due to come to an end next year, Perion’s shares could fall by as much as 40% in the long-term.
Hedge Fund Billionaire Bill Ackman Goes for the Jugular with his Archrival Carl Icahn on the Ropes, Comparing his Firm to the Infamous Implosion of Archegos (EMEA Tribune)
More from Fortune: 5 side hustles where you may earn over $20,000 per year—all while working from home Looking to make extra cash? This CD has a 5.15% APY right now Buying a house? Here’s how much to save This is how much money you need to earn annually to comfortably buy a $600,000 home. In early May, Hindenburg Research accused the holding company and its famous controlling owner, Carl Icahn, of employing “Ponzi-like” economics by paying off existing retail investors with unsustainably large dividends funded by new investors buying its stock exchange-listed depositary units.
Thursday 5/25 Insider Buying Report: SPB, DTM (Nasdaq.com)
On Tuesday, Spectrum Brands Holdings’ CEO, David M. Maura, made a $723,150 buy of SPB, purchasing 10,000 shares at a cost of $72.31 each. So far Maura is in the green, up about 2.9% on their purchase based on today’s trading high of $74.40. Spectrum Brands Holdings is trading up about 1.5% on the day Thursday. And also on Tuesday, Director Peter I. Tumminello bought $236,750 worth of DT Midstream, buying 5,000 shares at a cost of $47.35 a piece. Before this latest buy, Tumminello made one other buy in the past twelve months, purchasing $164,400 shares at a cost of $54.80 each. DT Midstream is trading up about 0.2% on the day Thursday. Bargain hunters are able to bag DTM at a price even lower than Tumminello did, with shares changing hands as low as $46.27 at last check today — that’s 2.3% below Tumminello’s purchase price.
$1M Bet On General Motors? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
General Motors: The Trade: General Motors Company (GM) Executive Vice President Paul Jacobson bought a total of 31,000 shares at an average price of $32.60. To acquire these shares, it cost around $1.01 million. Southland Holdings: The Trade: Southland Holdings, Inc. (SLND) Co-COO and EVP Rudolph V Renda acquired a total 632,413 shares an average price of $10.12. To acquire these shares, it cost around $6.4 million.
