George Soros’ Soros Fund Management LLC has disclosed holding 2.5 million shares of Digital River, Inc. (NASDAQ:DRIV). The stake amounts to 6.97% of the company’s common stock and consists of some 16,000 shares and around 2.46 million shares that may be issued upon the conversion of 2.00% convertible bonds due November 1, 2030.
Earlier In January, the fund sold $5.7 million worth of bonds of Digital River, Inc., represented by 1.25% Convertible Bonds due 2024. Moreover, in its latest 13F, Soros Fund Management, reported holding around $270 million worth of 2.00% Bonds due 2030.
Digital River, Inc. (NASDAQ:DRIV) is a $597.5 million, cloud-commerce solutions’ provider based in Minnesota. For the fourth quarter of 2013, the company recorded an EPS of $0.22, beating the consensus estimate of $0.19. For the current quarter, the company upped its EPS estimate to $0.08 – $0.12, this compares to Thomson Reuters guidance of $0.09. For the full year 2014, the company expects earnings between $0.41 per share and $0.51 per share.
Another significant stockholder of Digital River, Inc. is billionaire Jim Simons’ Renaissance Technologies, which held approximately 533,500 shares at the end of the fourth quarter of 2013.
Soros Fund Management was launched in 1969 in New York and invests in capital-intensive start-ups, buyouts, and growth equity transactions. The fund has a diversified portfolio; however it more inclined towards Technology, BasicMaterials and Services sectors. George Soros is ranked as the 35thrichest person in the world. He became known as “the Man Who Broke the Bank of England” after he made $1 billion in 1992. He graduated from the London School of Economics in 1952.
Last month, Soros Fund reported new massive position in Polycom Inc (NASDAQ:PLCM). The fund acquired 9.4 million shares worth $110.2 million and the stake amasses 6.95% of the company’s common stock. In January, Soros disposed approximately 985,700 shares of Exar Corporation (NYSE:EXAR) and currently holds 4.96 million shares of the company.
According to the fund’s latest 13F, Soros Capital Management is the largest shareholder in Teva Pharmaceutical Industries Ltd (NYSE:TEVA), with a stake valued in excess of $373.4 million. It is followed by Herbalife Ltd (NASDAQ:HLF), of which it holds 3.2 million shares valued at $252.3 million, and Fedex Corp (NASDAQ:FDX), in which it owns 1.6 million shares worth more than $232.8 million.