Aviat Networks Inc (AVNW), MGT Capital Investments Inc (MGT): Hedge Funds Disclose Latest Moves

Is it a good time to buy Aviat Networks Inc (NASDAQ:AVNW) shares? Warren Lichtenstein seems to think so, as he has recently boosted his stake in the company. According to a filing with the Securities and Exchange Commission (SEC), Lichtenstein and his fund, Steel Partners, have added 568,864 shares to their previous position, taking it to 7.17 million shares. The move took place in three transactions at prices varying between $1.74 and $1.8 apiece. In the mean time, Joshua Silverman’s activist endeavor is beginning to pay off. His fund, Iroquis Capital, has disclosed in a recent filing with the SEC that it has reached an agreement with the management of MGT Capital Investments Inc. (NYSEMKT:MGT) for Mr. Silverman to be nominated as Director at the company’s 2014 Annual Shareholders Meeting, scheduled for December 18, 2014. The fund has also disclosed the addition of 109,181 MGT Capital Investments Inc. (NYSEMKT:MGT) shares to its previous stake in the company, taking it to 1.04 million shares or 10.7% of the company’s common stock.


“We believe this agreement is in the best interests of the Company and our stockholders,” stated Mr. Ladd, Chief Executive Officer of MGT.

“We are pleased to have reached an amicable agreement with MGT and look forward to working constructively together with the Board and management team to help maximize value for all stockholders.  In addition to today’s agreement, Iroquois has agreed to buy $250,000 of common stock from the Company at a price of $1.00 per share as a further signal of our commitment and support,” added Joshua Silverman

Apart from the nomination of Silverman to MGT Capital Investments Inc. (NYSEMKT:MGT) ‘s Board of Directors, the company has also agreed to reimburse Iroquis Capital all expenses related to the 2014 Annual Shareholders Meeting, as long as the sum does not exceed $100,000. Form the hedge funds that we track, only Ken Griffin‘s Citadel Investment Group, has a stake in MGT Capital Investments Inc. (NYSEMKT:MGT), albeit a minor one: 17,336 shares valued at $18,000.

During the second quarter, Chuck Royce of Royce & Associates has slightly increased his investment in Aviat Networks Inc (NASDAQ:AVNW), taking it to approximately 3.09 million shares reportedly worth $3.95 million. Jim Simons is also optimistic about the prospects of the company and has upped his stake by 11% during the same period of time. In its latest 13F filing, Renaissance Technologies has reported ownership of 1.15 million shares valued at $1.47 million. Peter A. Wright is also keeping an eye on Aviat Networks Inc (NASDAQ:AVNW), with his fund, P.A.W. Capital Partners holding 1.78 million shares worth $2.27 million.

Disclosure: none.