Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Altimeter Capital Management Continues NQ Mobile Inc (ADR) (NQ) Buying Binge

Brad Gerstner‘s Altimeter Capital Management has once again upped its stake in NQ Mobile Inc (ADR) (NYSE:NQ), according to a recent SEC filing.  Now the company has further increased their position to 37.6 million shares, which represent 17.3% of all outstanding class A common stock.

Just last week we reported that Altimeter had increased its position in NQ Mobile to 21.47 million shares from the 18.47 million shares the company held in December of last year. This time the fund has expanded its holding through 16.17 million units held under the rights to purchase additional shares. The stake is owned in the form of American Depositary shares, each representing five shares of class A common stock.

NQ Mobile Inc (ADR) (NYSE:NQ) is a leading global provider of mobile Internet services. Recently, the company entered into an agreement with Sprint (NYSE:S), to “deliver the next generation of Sprint ID, powered by NQ Live™, on all new Sprint Android-powered smartphones in the U.S.” More material to investors, however, is the fact that NQ Mobile Inc (ADR) (NYSE:NQ)’s stock is up an incredible 175% over the past year.

NQ Mobile Inc (ADR) (NYSE:NQ)

Altimeter Capital Management primarily invests in the services sector with some holdings devoted to technology. In the fund’s $756 million equity portfolio the largest holdings are represented by Priceline.com Inc (NASDAQ:PCLNand Delta Air Lines, Inc. (NYSE:DAL), the two positions account for more than 36% of the fund’s equity portfolio, and contain around 150,700 shares and 5.43 million shares respectively.

Looking at other funds who are long NQ: At the end of October, Longbow Securities, revealed a stake of 8.04% in NQ Mobile Inc (ADR) (NYSE:NQ), but quickly vacated their position. CR Intrinsic Investors, a subsidiary of SAC Capital, owns 616,455 shares of the stock, with a reported value of $13.43 million. Steven Cohen’s SAC Capital Advisors, currently owns 564,841 shares, worth $12.31 million, and Espalier Global Management, led by Wojciech Uzdelewicz, currently holds 482,800 shares with a reported value of $10.52 million.

Disclosure: none

Recommended Reading:

Hedge Fund News: Alan Howard, Bill Ackman & George Soros

David A. Lorber Boosts His Stake at Ferro Corporation (FOE)

Shah Capital Management Buys 1.0 Mln Shares of UTStarcom Holdings Corp (UTSI)

Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!