SEC filing reveals 3mil Take Two shares unloaded
Hedge fund Glenview Capital Management have revealed in an SEC filing that it sold exactly 3 million shares of Take Two stock over the course of six transactions on December 21 at $19.25 each, amounting to $57.75 million. Glenview also disclosed that it held a 6.7% stake, or 4.88 million shares, of the controversial publisher.
You might be quick to think something rather shifty is going on behind the scenes with such a large quantity of sales, but remember that GCM is a hedge fund with a fiduciary responsibility to its investors, and Take Two's stock has been on a steady rise since the FTC concluded its investigation of the Hot Coffee incident in June.
[Via Seeking Alpha and Dubious Quality]
Reader Comments (Page 1 of 1)
Storm9 @ Dec 29th 2006 2:40PM
Sorry but last time I checked. This is not an investment Blog.
News must be sloooooooooow today.
I mean common do you think gamers care that some company sold its shares in TTWO?
Duh the stock doubled this year, offcourse there is going to be profit taking.
Frosty22 @ Dec 29th 2006 2:45PM
Well I found it interesting.
pandlcg @ Dec 29th 2006 2:59PM
As did I.
Jason @ Dec 29th 2006 3:04PM
Hm. Glenview, IL (Chicago market) is actually my hometown - wonder if there's a connection there.
GhaleonQ @ Dec 30th 2006 3:09AM
Actually, Storm, I'd fully support video game investing as a regular (weekly? monthly?) feature on Joystiq.
Thank you for the post.