Billionaire Stephen Mandel‘s Lone Pine Capital filed a Form 13G with the SEC yesterday in which it reported acquiring 7.14 million common shares of Expedia Inc. (NASDAQ:EXPE), which account for 5.21% of the company’s float. The acquisition represents a new addition to Lone Pine Capital’s portfolio and is valued at about $840 million, which would rank it as Lone Pine’s ninth-most valuable position based on the value of its public equity holdings on June 30.
Expedia Inc. (NASDAQ:EXPE) is one of the world’s largest online travel companies. Since the beginning of the year, the company’s stock has lost 5.29%. In its financial results for the second quarter of 2016, Expedia reported adjusted EPS of $0.83 and revenue of $2.2 billion, compared to EPS of $0.89 and revenue of $1.66 billion for the corresponding quarter in 2015. Earlier this month, Royal Bank of Canada boosted its price target on Expedia’s stock to $165 from $160 and has an ‘Outperform’ rating on it. The $165 price target suggests 40% upside potential for the stock.
67 investors from within Insider Monkey’s database were long Expedia Inc. (NASDAQ:EXPE) at the end of June, up by two from the end of March. Among the bullish investors were Brad Gerstner’s Altimeter Capital Management, which held $478.15 million worth of Expedia’s shares, Jason Karp’s Tourbillon Capital Partners, which owned a position valued at $333.38 million, Philippe Laffont’s Coatue Management, Curtis Macnguyen’s Ivory Capital (Investment Mgmt), Eric Bannasch’s Cadian Capital, and Robert Pohly’s Samlyn Capital.
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|
|Lone Pine Capital||0||7,143,331||0||7,143,331||7,143,331||5.21%|
|Stephen F. Mandel, Jr||0||7,143,331||0||7,143,331||7,143,331||5.21%|
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