Highlights From Hedge Funds’ Latest Moves

In a newly amended filing, Northern Right Capital Management disclosed ownership of 1.31 million shares of EMCORE shares, down from 1.81 million shares held previously. The stake is equal to 5.1% of the company’s outstanding stock. EMCORE Corporation (NASDAQ:EMKR) is a provider of compound semiconductor-based components, subsystems, and systems for the broadband and specialty fiber optics market. The company improved its financial position during the third fiscal quarter, reporting a profit of $2.44 million, compared to a loss of $3.15 million a year earlier period. Revenue rose to $21.19 million, versus $13.60 million a year ago. We saw an increase in hedge funds’ interest toward EMCORE Corporation (NASDAQ:EMKR) during the third quarter. A total of 16 funds we track were holding the stock at the end of September, compared to 12 investors a quarter earlier. Moreover, the aggregate value of their investments increased to $32.01 million from $33.12 million. Jim Simons’ Renaissance Technologies is the second largest shareholder of EMCORE among the funds we track, holding 794,178 shares at the end of September.

Finally, Cannell Capital disclosed a letter sent to EVINE Live’s CEO Mark C. Bozek. According to the filing, Cannell Capital owns 4.61 million EVINE Live shares, equal to 8.07% of the company’s outstanding common stock. The stake represents an increase from 4.58 million shares the fund held at the end of the third quarter.

In his letter, Mr. Cannell urged the company’s board members that EVINE Live Inc (NASDAQ:EVLV) should buy back no less than 15% of its common shares by means of a single price ($2.00) tender or modified Dutch Auction tender using a price range of $1.95 to $2.10. Further, Mr. Cannell asked the addition of Charles M. Gillman to its board of directors.

“We believe EVLV is at the end of a painful six-year turnaround. The wisps of growth, although not linear, appear evident to us. Although the turn isn’t obvious, the considerable operating leverage in EVLV’s fixed cost business is. You [EVINE Live] have cleaned up the capital structure, reduced “carriage” costs, improved channel positions and reinvigorated merchandise to make such more relevant and fun,” the letter said.

EVINE Live is a digital commerce company with a market cap of $107.97 million. The company’s shares have been struggling since May, losing 71.32% year-to-date. EVINE Live booked a loss of $5.18 million for the third quarter, versus a loss of $808 million for the same period last year. However, the company managed to increase its quarterly sales to $162.26 million compared to $157.11 million a year earlier. Another investor betting big on EVINE Live is Paul Reeder and Edward Shapiro’s PAR Capital Management, owning 4.24 million shares as of the end of the end of the third quarter.

Disclosure: none