Altimeter Capital Management Further Raises Stake in NQ Mobile Inc (NQ)

Altimeter Capital Management, led by Brad Gerstner, in a new filing disclosed that it has upped its stake in NQ Mobile Inc (ADR) (NYSE:NQ), to 21.47 million shares from 18.47 million shares held on December 31, 201. The current stake is held in the form of American Depositary Shares, each representing five Class A shares. The stake amasses 9.85% of class.

NQ Mobile Inc (ADR) (NYSE:NQ)

NQ Mobile Inc (ADR) (NYSE:NQ), the Wi-Fi and Wi-Max company, is a leading global provider of mobile Internet services. The company entered into a collaboration agreement with Sprint (NYSE:S), recently, in order to “deliver the next generation of Sprint ID, powered by NQ Live™, on all new Sprint Android-powered smartphones in the U.S. market later this year.”

The company laid down its guidance for revenue to be in the range of $305 - 310 million in the fiscal year 2014. Also, NQ plans to hit revenue of $500 million in 2015 and $1 billion by 2017.

Earlier, at the end of October, Longbow Securities, revealed a stake of 8.04% in NQ Mobile Inc (ADR) (NYSE:NQ), which, however, was sold out with a couple of days.

CR Intrinsic Investors, a subsidiary of SAC Capital, owns 616,455 shares, with a reported value of $13.43 million. Steven Cohen’s SAC Capital Advisors, currently owns 564,841 shares, worth $12.31 million. Espalier Global Management, led by Wojciech Uzdelewicz, currently holds 482,800 shares with a reported value of $10.52 million.

Altimeter Capital Management focuses on the services sector. The fund has a fifth of its equity portfolio invested in Priceline.com Inc (NASDAQ:PCLN), its stake amasses 150,700 shares, with a reported value of $152.35 million. The second-largest holding of the fund is Delta Air Lines, Inc. (NYSE:DAL), holding 5.43 million shares, worth $128.14 million. Altimeter Capital Management, increased its stake by 32% in United Continental Holdings Inc (NYSE:UAL), in the third quarter of 2013, and now owns 2.90 million shares.

Disclosure: none

Recommended Reading:

Lone Pine Capital Raised its Stake in Wyndham Worldwide Corporation (WYN)

Oaktree Capital Management Boosts Stake in EXCO Resources Inc (XCO) to 16.6%

Highland Capital Management Further Raises Stake in Nexpoint Credit Strategies Fund (NHF)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 44 percentage points in 21 months Learn how!

Subscribe

Enter your email:

Delivered by FeedBurner

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!