David Einhorn‘s Greenlight Capital, in a newly amended filing with the SEC, disclosed cutting its position in Einstein Noah Restaurant Group, Inc. (NASDAQ:BAGL) to slightly above 6.7 million shares, from over 9.2 million held earlier. Following the decrease, Greenlight holds 38.3% of the company, down from 53.1% reported in an earlier filing.
The fund disposed the shared under an underwriting agreement. Greenlight agreed to sell 2.5 million shares of Einstein Noah Restaurant in a registered public offering. The price specified under the terms of the deal, amounts to $17 per share. The shares have been sold to Morgan Stanley & Co. LLC, who acts as the sole underwriter.
It’s not the first move Greenlight is applying regarding its Einstein Noah Restaurant. The fund disclosed selling 1.5 million shares during the third quarter, according to its 13F filing. The stock of Einstein Noah Restaurant has been growing since the beginning of the year, posting a YTD return of over 30%, sporting also a solid P/E of around 22.6.
Some other hedge funds from our database have been holding less significant shares. For example, Jim Simons‘ Renaissance Technologies held 303,900 shares in the previous round of 13F filings. It is followed by Nathaniel August‘s Mangrove Partners, and D. E. Shaw‘s D E Shaw, which own 117,527 shares, and 64,265 shares, according to our database.