Crypto Bull Mike Novogratz Sees Any Bitcoin Pullback to this Level as a Buying Opportunity (CNBC)
Mike Novogratz told CNBC on Tuesday he remains bullish on bitcoin over the long-term, shrugging off concerns about the world’s largest cryptocurrency facing struggles over roughly the past month. Bitcoin traded around $44,000 per token Tuesday, down more than 30% from its all-time of nearly $65,000 that was reached on April 14 around the time of Coinbase’s blockbuster direct listing. “Markets aren’t supposed to be easy. If they were easy, we’d all be rich,” Novogratz said on “Squawk Box,” noting bitcoin is still up over 50% year to date. “Markets get ahead of themselves. They correct. This is kind of natural in markets,” the former hedge fund manager added.
Jana Partners Builds Vonage Stake After Review Ends (Bloomberg)
Activist investor Jana Partners plans to push for changes at Vonage Holdings Corp. after building a new position in the telecommunications services company, according to people familiar with the matter. The New York-based hedge fund run by Barry Rosenstein said in a regulatory filing Monday that it has built a 2.3% stake in Vonage. Jana believes the company is undervalued, the people said, asking not to be identified because the matter is private. The new position was reported earlier by Bloomberg News.
Billionaire Investor Stanley Druckenmiller Loaded Up on Palantir, Added Bank Stocks, and Sold Carnival Cruise Line in the 1st Quarter of 2021 (Business Insider)
Stanley Druckenmiller‘s Duquesne Family Office took up new stakes in Palantir, Citigroup, and newly public Coupang during the first quarter of 2021. The billionaire investor liquidated his positions in cyclical stocks like Disney, Carnival, and Live Nation, filings show. In a recent interview, Druckenmiller said a “monkey could make money in this market,” due to the Fed’s liquidity-pumping measures.
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Duke Energy Urged by Hedge Fund Elliott to Split Into 3 Firms (The Street)
Duke Energy (DUK) – is being urged by Elliott Management, the hedge fund run by Paul Singer to consider separating into three companies, the New York-based fund said Monday. Shares of the Charlotte, N.C., power provider at last check were up slightly at $103.66. Elliott said it had sent a letter to the utility’s board in which it argued that Duke’s “long-term underperformance has not been reflective of its high-quality assets and that the company should explore a separation to increase operational focus and improve performance.”
Alderwood Capital appoints two new Partners (Hedge Week)
Alderwood Capital (Alderwood), a London-based fund manager, has further expanded its team with two senior hires. Rick Potter and Jeremy Bassil will each be joining the rapidly growing firm as Partner, Senior Adviser. Potter will also be appointed Chair of the Investment Committee. Rick and Jeremy were founding partners of Northill Capital alongside Jon Little, Managing Partner at Alderwood.
Box Stock Is a Buy As Activist Investor Starboard Shakes Things Up (Investor Place)
Shareholders of cloud storage company Box (NYSE:BOX) should be getting used to surprises by now. Yesterday, activist hedge fund Starboard Value LP issued an open letter to management, citing concerns over the company’s $500 million convertible preferred equity financing. This move follows Starboard’s proxy battle earlier this month to take greater control of the company. Activist battles like this one are nothing new. But, if Starboard succeeds and gains majority control of BOX’s board, the hedge fund has the potential to dramatically change the trajectory of the company — and BOX stock.
Millennium Management Eyes Up to 80K SF in Brickell (Commercial Observer)
Wall Street’s hunt for Miami outposts heats up: Millennium Management, the New York-based private investment firm run by Israel Englander, is in talks for a large chunk of office space in Brickell, Commercial Observer has learned. The hedge fund is in the market for 60,000 to 80,000 square feet in Miami, according to two brokerage sources not involved with the deal, one of whom is familiar with the discussions. The firm will be growing its presence in Miami, where it already has an office, according to Bloomberg, which first reported about Millennium’s plans in South Florida.
Coatue, Whale Rock Among Hedge Funds Trimming Pandemic Plays (Bloomberg)
As the world begins to emerge from lockdown, some hedge funds are slashing technology investments that thrived in the work-from-home era. Philippe Laffont’s Coatue Management slashed many of its tech holdings that have benefited from the pandemic-induced lockdowns, including most of its stake in fitness-equipment maker Peloton Interactive Inc. The fund cut its exposure to cyber-security solutions company Crowdstrike Holdings Inc. and and Zoom Video Communications Inc. in half. Overall, its exposure to technology stocks fell by about 8%, data compiled by Bloomberg show.
Tiger Global’s Chase Coleman Made a Big Bet on Roblox — Check Out the Tech Investor’s Other Moves (CNBC)
Hedge fund manager Chase Coleman made a multi-billion dollar bet on newly public video game company in the first quarter of 2021. Here are his other latest moves. According to SEC filings released on Monday, Tiger Global Management owns a $2.6 billion stake in Roblox, which is now the hedge fund’s third largest holding. The kids gaming app that surged in popularity during the pandemic went public on the New York Stock Exchange in March.
Michael Burry’s Short Bet Against Tesla is ‘Dangerous’ as the EV Giant could be Worth More than $2 Trillion in the Long Term, Loup Ventures’ Gene Munster Says (Business Insider)
Michael Burry‘s bet against Tesla is “dangerous,” according to Loup Ventures’ Gene Munster, who says the electric-vehicle giant could be worth north of $2 trillion over the long term. Burry – best known for his billion-dollar bet against the US housing bubble in the mid-2000s, and immortalized in Michael Lewis’ book “The Big Short” – revealed in a regulatory filing on Monday that his hedge fund, Scion Asset Management, held bearish put options on over 800,000 shares of Elon Musk’s electric-car company as of March 31.
Tuesday 5/18 Insider Buying Report: RDNT (Nasdaq)
On Friday, Director Lawrence L. Levitt bought $288,325 worth of RadNet, buying 12,500 shares at a cost of $23.07 each. This buy marks the first one filed by Levitt in the past year. RadNet is trading up about 6.7% on the day Tuesday. Levitt was up about 8.2% on the purchase at the high point of today’s trading session, with RDNT trading as high as $24.95 at last check today.
The SVP of Choice Hotels (NYSE: CHH) is Buying Shares (Analyst Ratings)
Today, the SVP of Choice Hotels (CHH), Simone Wu, bought shares of CHH for $1.09M. Following Simone Wu’s last CHH Buy transaction on June 06, 2016, the stock climbed by 75.0%. Following this transaction Simone Wu’s holding in the company was increased by 52.12% to a total of $4.89 million.
