David Einhorn, Dan Loeb Go On A Second Activist Spree In Green Brick Partners Inc (GRBK)

Recently, Green Brick Partners Inc (NASDAQ:GRBK) completed the offering of 17 million shares at a unit price of $10. The net proceeds which amounted to approximately $165.6 million will mostly be used to pay the outstanding debt in connection with the company’s term loan facility with affiliates of Greenlight.  So far this year Green Brick Partners Inc (NASDAQ:GRBK)’s stock has appreciated by more than 52%.  In comparison, the general Real Estate industry has risen by 7.7% during the same period. Despite the steep rise of the $558.18 million real estate operator, hedge fund interest in the company decreased over the first quarter. Among the funds that we track, five had investments in the company totaling $183.09 million at the end of March, as compared with seven firms with $182.58 million at the end of the previous quarter.

In its financial results for the first quarter, Green Brick Partners Inc (NASDAQ:GRBK) reported an EPS of $0.20 and revenues of $58.45 million, which were 7.2% lower on a year-over-year basis. The stock is currently trading at 1.82% below its 52-week high and has an earnings multiple of 3.47 attached to it as compared to the industry’s average of 10.76.

Israel Englander‘s Millennium Management disposed of its entire stake comprising some 11,100 shares during the first three months of the year, while Jim Simons‘ Renaissance Technologies disposed of some 100,100 shares of Green Brick Partners Inc (NASDAQ:GRBK), lowering the fund’s total stake to 222,182 shares valued at $1.84 million.

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