, Prescott Group
: The stake of China Marine Food Group Ltd (NYSEMKT:CMFO
) recently went up in the equity portfolio of Prescott Group Capital Management
, a hedge fund run by Phil Frohlich. In a Form 4
with the SEC, Prescott reported buying 799,400 shares of the company, at a price of $0.36 apiece. The total position held by Frohlich and Prescott currently involves almost 4.8 million shares. At the current price of China Marine Food Group's stock, Prescott's position has a value of around $1.9 million. Prescott Capital owns the shares of China Marine Food Group indirectly via the account of its Master Fund, of which Prescott is the Investment Manager, the filing said.
China Marine Food Group is specialized in processed sea-based food snacks, as well as fresh and frozen marine catch. The company reported net sales down 55.5% on the year, worth $27.3 million in the second quarter of the year. The net loss of the company almost doubled and amounted $3.1 million, from $1.6 million posted for the same period of last year. In the first half of the year, the net loss of China Marine Food Group totaled $2.5 million, up from $3.7 million posted for the first six months of last year.
Jim Simons' Renaissance Technologies
is also bullish on a rebound, and it owns $156,000 worth of the stock.
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