The hedge fund world seems to like TerraForm Power Inc (NASDAQ:TERP) very much. After Adage Capital has disclosed a 8.68% stake in the company, Steadfast Capital Management, run by Robert Pitts, has followed suit. According to a recent filing with the Securities and Exchange Commission, Steadfast Capital has built a position that amasses 1.71 million shares or 6.2% of the total number of shares outstanding.
TerraForm Power Inc (NASDAQ:TERP) went public on July 17 at $25 a share. The first day of trading was euphoric, with shares reaching a high of $34.34, however it did not last long. The stock entered a downtrend and is not trading at $31.65 per share.
In total, 20 million shares were issued, while underwriters were offered options to acquire a further 3 million shares at the Initial Public Offering (IPO) price. Net proceedings from the offering are estimated to be around $530 million and will be used to finance further expansion of core activities and other corporate purposes.