John Murphy’s Alydar Capital disclosed a 6.88% stake in Primo Water Corp (PRMW) yesterday. Alydar Capital had 781K shares of PRMW in its portfolio at the end of March. This means they doubled their stake to 1.6 Million shares at prices around $13 per share on June 17th. Today PRMW closed at $12.76, so investors can imitate Alydar’s trade at a 2% discount. The stock lost 15% since the end of April and this might have triggered Alydar Capital‘s decision to double its bet.
Ken Griffin is the only other hedge fund manager with a PRMW position. Reid Walker's WS Capital, Chuck Akre, and Philip Hempleman's Ardsley Partners sold their stakes in this stock at the end of March.
Boston-based Alydar Capital is a long-short hedge fund managing more than $2 Billion. The fund was founded by John A. Murphy in 2003. Previously John Murphy worked under Lawrence Greenberg at Mt. Everest Fund, which was liquidated in 2002. Greenberg was formerly a fund manager at Fidelity.