Is Leap Wireless a Sell? GAMCO Thinks So
Is Leap Wireless a sell? A recent move from the hedge fund universe involved the activist "hedgie" Mario Gabelli reducing its recently purchased stake in Leap Wireless International, Inc. (NASDAQ:LEAP). In an amended 13D filing with the SEC, Gabelli's hedge fund, Gamco Investors, disclosed ownership of 1.3 million shares of the company, the value of the position amounting to $19.8 million (current prices).
Gabelli reduced the position in Leap Wireless only a couple of weeks after purchasing the initial position which contained around 2.0 million shares, the original 13D being filed on September 9 said. The hedge fund reduced its position in the company to 1.6% of common stock, from the previous 2.5%.
Do other hedge funds feel the same way? According to our database, the hedge fund with the largest position is Mhr Fund Management, managed by Mark Rachesky, which disclosed over 23.5 million shares, followed by John Paulson's Paulson & Co with 7.8 million shares last quarter. Other hedge funds worth mentioning are: Jeffrey Altman's Owl Creek Asset Management, Ken Griffin's Citadel Investment Group and Gotham Asset Management, managed by Joel Greenblatt.