Why a Hedge Fund Sold Most of Its Genius Sports Stake Despite Best Quarterly Performance in Years
On November 14, New York City-based Cooper Creek Partners Management disclosed a major sale of Genius Sports Limited (NYSE:GENI), reducing its position by an estimated $74.1 million, according to SEC filings.
According to a filing with the Securities and Exchange Commission dated November 14, Cooper Creek Partners Management sold nearly 7.5 million shares of Genius Sports Limited during the third quarter. The position, previously 3% of fund AUM as of the prior quarter, was reduced to a 0.7% allocation, with 1.7 million shares valued at $21.5 million as of September 30.
This was a significant sale, reducing GENI’s portion of the fund’s portfolio to 0.7% of 13F AUM after the quarter-end.
Source Fool.com