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Becker Drapkin Management Decreases Stake in Pixelworks

Matthew Drapkin and Steven R. Becker‘s hedge fund Becker Drapkin Management reported, in a newly amended filing with the SEC, selling some shares from its holding in Pixelworks, Inc. (NASDAQ:PXLW). The fund has reduced its position in the company to some 2.5 million shares, after revealing holding over 2.8 million shares in its latest 13F filing. The new stake amasses 11.4% of the company’s outstanding common stock. The position has a value of $10.4 million, at the current stock price of the company.

Pixelworks

The fund explained the move by the fact that since the fund first purchased the shares of the company, due to the increase in the share price of Pixelworks. In this way, the size f the investment as a percentage of their equity portfolio expanded and became higher than the optimal position size. Despite the slight decrease, Becker Drapkin still holds a large stake in the company, so the fund will still have its representation on the company’s board. Becker Drapkin initiate stake in Pixelworks in December 2011, according to the SEC filings. Since then, the stock of the company appreciated by over 130%.

Semiconductor company Pixelworks specializes in design and development of various pixel processing semiconductors, as well as software for digital video. In the third quarter of the year, the company reported $15.3 million worth of revenue, slightly below $16.3 million in the same period of last year. The company also posted a net income of $1.5 million, which represents a surge from a loss of $0.4 million in the third quarter of 2012.

Aside from Matthew Drapkin and Steven Becker’s fund, another hedge fund that holds a relatively big position in Pixelworks is Renaissance Technologies, managed by Jim Simons. The fund reported holding below 1.0 million shares of the company in the latest round of 13F filings.

Disclosure: none

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