According to a recent 13D filing with the Securities and Exchange Commission, George Hall‘s Clinton Group has increased its stake in Evine Live Inc. (NASDAQ:EVLV) to almost 1.9 million common shares, which represent 3.3% of the company’s outstanding stock. Previously, the fund held 1.60 million shares, as per its 13F filing for the reporting period of June 30. The new filing also revealed that Clinton Group has been engaged in various discussions with the management team of Evine Live (NASDAQ:EVLV), regarding the improvement of its business strategy in order to attain better shareholder value. Although the fund is pleased with the company’s strong results, as evidenced by its second quarter EBITDA rising by 52% year-over-year, and recognizes the company’s potential for long-term growth under the supervision of freshly appointed CEO Bob Rosenblatt, it is also aware that the company’s shares have lost 33% since the end of the second quarter of 2015. Hence, Clinton Group states that if this kind of valuation discrepancy continues, the company may have to engage an investment bank in order to create strategic alternative plans to increase shareholder value.
Evine Live is a digital commerce company engaged in the business of digital commerce retailing, providing a plethora of brand choices to consumers via TV, online and mobile devices. Since the beginning of the year, the company’s stock has lost 3.37%. For the second quarter of 2016, Evine Live reported a loss per share of $0.03, slightly above the estimates of a loss per share of $0.04, and revenue of $157 million, below the estimates of $166.3 million.
The number of hedge funds in our database with positions in Evine Live (NASDAQ:EVLV) hasn’t changed recently, as there were nine investors long the stock at the end of June. Some of them included Jeffrey Bronchick’s Cove Street Capital, with a position valued at close to $10.9 million, J. Carlo Cannell’s Cannell Capital, with a $5.93 million position, Jim Simons’ Renaissance Technologies, Ken Griffin’s Citadel Investment Group, and Chuck Royce’s Royce & Associates. An investor who decided to drop its position in Evine Live (NASDAQ:EVLV), which was valued at $220,000 at the end of March, was Phil Frohlich’s Prescott Group Capital Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Clinton Group, Inc||1,895,623||1,895,623||1,895,623||3.3%|
Page 1 of 13 – SEC Filing
|SECURITIES AND EXCHANGE COMMISSION|
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|Under the Securities Exchange Act of 1934|
|(Amendment No. )*|
|(Name of Issuer)|
|(Title of Class of Securities)|
Schulte Roth & Zabel LLP
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|(Name, Address and Telephone Number of Person|
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|(Date of Event Which Requires Filing of This Statement)|
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(Page 1 of 13 Pages)
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