Soros Fund Management Disposes $5.7 Mln of Digital River, Inc. (DRIV) Bonds

George Soros‘ fund, Soros Fund Management, has revealed, in a new filing with the SEC, disposing $5.683 million worth of bonds of Digital River, Inc. (NASDAQ:DRIV). The securities represent 1.25% Convertible Bonds due 2024 and can are equal to an aggregate of 128,974 shares of the company’s stock, at the price of $44.06 per share.


In addition, Soros also holds 2.0% Convertible Bonds that are equal to around 270.86 million shares of Digital River, Inc. (NASDAQ:DRIV)’s common stock, and have a value of $269.52 million, as disclosed in Soros Fund Management’s latest 13F filing.

Digital River, Inc. (NASDAQ:DRIV) is a cloud-commerce and marketing solutions company that provides services to companies from several industries such as software, consumer electronics, computer and video games, and others. At the end of last year, Zacks downgraded the stock of the company to Neutral from Outperform, after upgrading the rating earlier in November. Zacks has a target price for the stock set at $21.50.

In November, Digital River managed to extend Microsoft Operations Digital Distribution Agreement with Microsoft Corporation (NASDAQ:MSFT) signed in 2006 to March 2015, from March 2014.

Aside from George Soros, several “hedgies” have been holding shares of Digital River, Inc. (NASDAQ:DRIV), according to the latest round of 13F filings. Jim Simons’ Renaissance Technologies reported a long stake in the company, which amasses 826,000 shares, with a reported value of $14.76 million. Cliff Asness’ Aqr Capital Management holds a less significant position, which contains 161,300 shares, worth $2.88 million.

Earlier in November, Soros Fund Management entered into Arno Therapeutics Inc. (OTCMKTS:ARNID), a micro-cap biopharmaceutical company. Soros acquired around 2.04 million shares of the company, the passive stake representing almost 10% of Arno’s common stock.

Disclosure: none

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