Nathaniel August‘s Mangrove Partners Master Fund has hiked its stake in Bridgepoint Education Inc (NYSE:BPI) to 2.36 million common shares, which account for 5.10% of the company’s outstanding stock. At the end of the second quarter, the fund’s stake stood at 2.07 million shares, as reported in its latest 13F filing.
Bridgepoint Education provides postsecondary education services, running two accredited universities, University of the Rockies and Ashford University. Recently, Bridgepoint Education had to forgive $24 million in private student loans, after it misled students about the actual cost of the loans, according to allegations. Over the past 12 months, the company’s shares have lost 15.7%. In its financial report for the June quarter, Bridgepoint Education disclosed earnings per share of $0.07 and revenue of $137.97 million, compared to a loss per share of $0.01 and revenue of $147.06 million for the corresponding quarter in 2015.
Out of the 749 hedge funds followed by Insider Monkey which filed 13Fs for the June quarter, 11 were long Bridgepoint Education (NYSE:BPI), down by two from the March quarter. Among the bullish investors were Jim Simons’ Renaissance Technologies, which held $8.07 million worth of Bridgepoint Education’s shares, Ken Griffin’s Citadel Investment Group, with a position valued at $565,000, Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital, Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital, and John Overdeck and David Siegel’s Two Sigma Advisors.
Investors who lost enthusiasm for Bridgepoint Education (NYSE:BPI) and sold off their positions during the June quarter were Mike Vranos’ Ellington, which said goodbye to $320,000 worth of shares, and Neil Chriss’ Hutchin Hill Capital, which dropped its position valued at $171,000 on March 31.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Mangrove Partners Master Fund, Ltd 98-10834 | 0 | 2,362,069 | 0 | 2,362,069 | 2,362,069 | 5.10% |
| The Mangrove Partners Fund | 0 | 2,362,069 | 0 | 2,362,069 | 2,362,069 | 5.10% |
| Mangrove Partners Fund (Cayman), Ltd | 0 | 2,362,069 | 0 | 2,362,069 | 2,362,069 | 5.10% |
| Mangrove Partners 98-065 | 0 | 2,362,069 | 0 | 2,362,069 | 2,362,069 | 5.10% |
| Mangrove Capital 98-06 | 0 | 2,362,069 | 0 | 2,362,069 | 2,362,069 | 5.10% |
| Nathaniel August | 0 | 2,362,069 | 0 | 2,362,069 | 2,362,069 | 5.10% |
Follow Nathaniel August's Mangrove Partners
Page 1 of 12 – SEC Filing
| | ||
| EDGAR Submission Header Summary | ||
| | ||
| Submission Form Type | SC 13G | |
| Filer | Mangrove Partners Master Fund, Ltd. | |
| CIK | 0001569227 | |
| CCC | xxxxxxxx | |
| Selected Exchanges | ||
| Exchange | NONE | |
| Confirming Copy | No | |
| Subject Company | Bridgepoint Education Inc | |
| CIK | 0001305323 | |
| IRS Number | 59-3551629 | |
| Subject Company Group Names | ||
| The Mangrove Partners Fund, L.P. | ||
| Mangrove Partners Fund (Cayman), Ltd. | ||
| Mangrove Partners | ||
| Mangrove Capital | ||
| Nathaniel August | ||
| Submission Contact | Filing Department | |
| Contact Phone Number | 518-907-0015 | |
| | ||
| Documents | ||
| | ||
| SC 13G | m920160sc13g.htm | |
