Hoplite Capital Management Discloses New 6% Stake in Sunedison Inc (SUNE)

Sunedison Inc (NYSE:SUNE) has been added to the equity portfolio of John Lykouretzos‘ Hoplite Capital Management, a recent filing with the SEC showed. The fund disclosed a passive stake, which contains over 16.01 million shares, equal to nearly 6% of the common stock. According to the filing, the position has been initiated on February 26, amid a significant raise of Sunedison’s stock price.

Sunedison Inc (NYSE:SUNE)

On February 26, the stock of Sunedison Inc (NYSE:SUNE) jumped by 12%, on the back of the announcement about the debt arrangement between Sunedison Inc (NYSE:SUNE) and Deutsche Bank. The proceeds from the non-recourse debt financing arrangement will be used for the construction of 56 MW portfolio of four photovoltaic solar plants in the UK, the company said in a statement. The portfolio will be fully operational by the end of the current month, and will represent Sunedison’s entry into the UK solar market, the statement added.

Overall, since the beginning of the year, Sunedison Inc (NYSE:SUNE)’s shares have been up by over 50%, while since March 2013, the shares surged by more than a threefold. For the fourth quarter of 2013, the company reported an EPS of -$1.07, mainly because of asset impairment charges and debt extinguishment, down from -$0.05 reported in the same period of 2013. For the current fiscal year, the company said it expects to sell 500-600 MW of Solar Energy Systems, and complete 900 to 1150 MW of Solar Energy Systems, which represents a year-on-year growth of around 90%, according to another press release.

At the same time, investors seem to be fond of Sunedison Inc (NYSE:SUNE). Among the largest investors, Steven Cohen and Leon Cooperman, in their 13F filings, reported holding Sunedison. Cohen’s SAC Capital owns 12.80 million shares, worth $167.03 million, which makes holding the third largest. SAC Capital is also the second-largest investor, among the funds we track. Omega Advisors, managed by Cooperman, reported a new $105.75 million position in Sunedison, which amasses over 8.1 million shares.

John Lykouretzos is a former employee of Andreas Halvorsen’s Viking Global Investors and Lykouretzos worked at Julian Robertson’s Tiger Management Corporation. His fund, Hoplite, launched in 2003, reported an equity portfolio worth almost $3.56 billion, diversified primarily among Healthcare, Technology and Services sectors. The fund holds its largest stake in Actavis plc (NYSE:ACT), reporting a $245.75 million position with 1.46 million shares.

Disclosure: none

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