In a 13G filed with the SEC, Steven Cohen's prominent hedge fund SAC Capital disclosed an updated position in OCZ Technology Group, Inc (OCZ). Due to trading on May 26th, 2011, SAC has revealed a 5.1% ownership position in OCZ with 2,623,346 shares.
This is a massive increase in the hedge fund's position size as they only owned a measly 9,784 shares at the end of the first quarter.
Stock Down 30% Past 1.5 Months
OCZ traded down over 8% yesterday. Since the middle of April, shares are down over 30%. This is at least partially attributable to a negative research report published by Copperfield Research on April 20th, 2011. Also worth noting: over 24% of the float is short.
Our pal & trader @firstadopter on Twitter has been all over this saga. He rebutted the Copperfield report and then laid out why OCZ could be worth $28 per share based on rival Fusio-io's impending IPO. OCZ provides solid state drives (SSDs) and memory modules for computers and other systems.
Shares of OCZ have seen heightened volatility as of late, so it will be interesting to see how it trades after receiving a vote of confidence from SAC Capital.
Tuesday, June 7, 2011
Steven Cohen's SAC Capital Builds OCZ Technology (OCZ) Stake
blog comments powered by Disqus
