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Park West Asset Management Reveals Fresh Bet On Internap Corp (INAP)

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Is Internap Corp (NASDAQ:INAP) a good investment? Peter S. Park seems to think so. His fund, Park West Asset Management, has initiated a position and has accumulated exactly 3 million shares, according to a recent filing with the Securities and Exchange Commission. The fund’s stake amounts to approximately 5.2% of the company’s outstanding stock.

A provider of internet infrastructure services, Internap Corp (NASDAQ:INAP) has seen its stock plunge to historic lows during 2016, having lost 75% of its value between January and December. The company has started 2017 with a plan to reduce costs, reorganize its operations and recapitalize its balance sheet, while also aiming to bolster its sales team as it develops two new business units: Colocation and Cloud. At the end of December, Internap issued a press release that included some forecasts for 2017: revenue of $275 million to $285 million and adjusted EBITDA in the range of $84 million to $87 million. The company also said it will take into consideration selling some of its non-core assets and terminating programs that are not profitable.

Liberty Global communication internet wifi cloud LBTYK LBTYA LMCA

cherezoff / shutterstock.com

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In general, Internap Corp (NASDAQ:INAP) is not a very popular stock among the hedge funds followed by Insider Monkey. It’s status sunk even lower as the number of funds invested in the company fell to 11 at the end of the 2016 third quarter, from 15 registered at the end of June. Mario Gabelli‘s GAMCO Investors was one of the company’s largest shareholder, having indicated ownership of 7.33 million shares in its latest 13F filing. Jim Simons’ Renaissance Technologies, one of the largest hedge funds in the world, was also invested in Internap Corp, having amassed 1.07 million shares by the end of the 2016 third quarter.

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
Park West Asset Management 3,000,000 0 3,000,000 0 3,000,000 5.2%
Peter S. Park 3,000,000 0 3,000,000 0 3,000,000 5.2%
Peter S. Park
Peter S. Park
Park West Asset Management

Page 1 of 9 – SEC Filing


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.  )*
INTERNAP CORPORATION
(Name of Issuer)
COMMON STOCK, $0.001 PAR VALUE PER SHARE
(Title of Class of Securities)
45885A300
(CUSIP Number)
DECEMBER 27, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:
☐  Rule 13d-1(b)
☒  Rule 13d-1(c)
☐  Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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