We just talked about underrated activist hedge funds in our Sessa Capital article. There is only one activist hedge fund that followed Sessa Capital into Ashford Hospitality Prime (AHP) and that’s Raging Capital. Sessa Capital returned more than 30% last year and Raging Capital returned 27%. Most hedge funds didn’t even return half of these numbers. Yet, investors really don’t care much about following these two hedge funds’ moves.
Today, we are going to report on Raging Capital‘s recent move. William Martin knows a thing or two about managing a financial website which is why he probably purchased a large stake in Thestreet Inc. (NASDAQ:TST) last year. By the way, Thestreet Inc. (NASDAQ:TST) is Insider Monkey’s competitor, but you don’t really need to know much about managing a financial news website to figure out that TST isn’t managed very well and that’s probably because it is in a very competitive industry.
Anyway, TST shares haven’t been doing very well and Raging Capital has been cutting its stake in recent weeks. The details of its recent sales can be seen below:
Ownership Summary Table
Raging Capital Management | | 1,840,440 | | 1,840,440 | 1,840,440 | 5.2%
William C. Martin | | 1,840,440 | | 1,840,440 | 1,840,440 | 5.2%
[/table]
[hedge-fund-follow-email id=536][/hedge-fund-follow-email]
Page 1 of 6 – SEC Filing
(Name, Address and Telephone Number of Person
[company-follow-email id=1080056][/company-follow-email]
Page 2 of 6 – SEC Filing
1
|
NAME OF REPORTING PERSON
Raging Capital Management, LLC
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) o
(b) o
|
|
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS
AF
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
¨
|
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
|
||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE VOTING POWER
– 0 –
|
|
8
|
SHARED VOTING POWER
1,840,440
|
||
9
|
SOLE DISPOSITIVE POWER
– 0 –
|
||
10
|
SHARED DISPOSITIVE POWER
1,840,440
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,840,440
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
o
|
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
|
||
14
|
TYPE OF REPORTING PERSON
IA
|
[company-follow-email id=1080056][/company-follow-email]
Page 3 of 6 – SEC Filing
1
|
NAME OF REPORTING PERSON
William C. Martin
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) o
(b) o
|
|
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS
AF
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
¨
|
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
USA
|
||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE VOTING POWER
– 0 –
|
|
8
|
SHARED VOTING POWER
1,840,440
|
||
9
|
SOLE DISPOSITIVE POWER
– 0 –
|
||
10
|
SHARED DISPOSITIVE POWER
1,840,440
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,840,440
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
o
|
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
|
||
14
|
TYPE OF REPORTING PERSON
HC
|
[company-follow-email id=1080056][/company-follow-email]
Page 4 of 6 – SEC Filing
Item 3.
|
Source and Amount of Funds or Other Consideration.
|
Item 5.
|
Interest in Securities of the Issuer.
|
[company-follow-email id=1080056][/company-follow-email]
Page 5 of 6 – SEC Filing
Dated: February 17, 2017
|
Raging Capital Management, LLC
|
||
By:
|
/s/ William C. Martin
|
||
Name:
|
William C. Martin
|
||
Title:
|
Chairman, Chief Investment Officer and Managing Member
|
/s/ William C. Martin
|
|
William C. Martin
|
[company-follow-email id=1080056][/company-follow-email]
Page 6 of 6 – SEC Filing
Class of
Security
|
Shares Sold
|
Price ($)
|
Date of
Sale
|
Common Stock
|
(3,100)
|
0.9168
|
12/19/2016
|
Common Stock
|
(50,000)
|
0.9002
|
12/19/2016
|
Common Stock
|
(15,325)
|
0.9000
|
12/20/2016
|
Common Stock
|
(61,989)
|
0.8530
|
01/13/2017
|
Common Stock
|
(7,999)
|
0.8322
|
01/17/2017
|
Common Stock
|
(14,500)
|
0.8400
|
01/18/2017
|
Common Stock
|
(23,531)
|
0.8411
|
01/30/2017
|
Common Stock
|
(48,123)
|
0.8137
|
01/31/2017
|
Common Stock
|
(14,400)
|
0.8272
|
02/02/2017
|
Common Stock
|
(9,100)
|
0.8309
|
02/03/2017
|
Common Stock
|
(9,100)
|
0.8246
|
02/06/2017
|
Common Stock
|
(7,700)
|
0.8174
|
02/07/2017
|
Common Stock
|
(7,600)
|
0.8105
|
02/08/2017
|
Common Stock
|
(5,800)
|
0.8020
|
02/09/2017
|
Common Stock
|
(10,022)
|
0.8353
|
02/15/2017
|
Common Stock
|
(20,804)
|
0.8039
|
02/16/2017
|
[company-follow-email id=1080056][/company-follow-email]