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Hedge Fund and Insider Trading News: Crispin Odey, Third Point, Bridgewater Associates, FinTech Acquisition Corp II (FNTE), Overseas Shipholding Group Inc. (OSG), FuelCell Energy Inc (FCEL), and More

Sorrell Wins Support From Hedge Fund Owner Odey in Comeback Plan (Bloomberg)
Martin Sorrell has won financial backing from Crispin Odey, an influential London investor, for his new venture after leaving the world’s largest advertising company. “People have made a lot of money with Martin and he doesn’t look like a man who wants to rest,” Odey, founder of hedge fund firm Odey Asset Management, said in a phone interview. “With Martin, you have someone who knows the whole market very well.”

New Salvo from Activist Investor Turns Up Heat on Nestle (Reuters)
LONDON (Reuters) – Nestle (NESN.S) faces greater pressure to speed up change after activist investor Third Point stepped up its criticism of the world’s largest food company. The New York-based hedge fund sent a letter to Nestle’s board and published a presentation online on Sunday calling for more urgent action and recommending steps it says could result in Nestle doubling its earnings per share by 2022. The letter and presentation, published on a new Third Point website, come a year after the firm, run by billionaire investor Daniel Loeb, took a roughly $3 billion stake in the maker of KitKat bars and Perrier water.

Insider Trading Eyeglasses

Alex Oakenman / shutterstock.com

As Dalio Steps Back, Two More Bridgewater Billionaires Rise (Bloomberg)
Ray Dalio is the first to admit that Bridgewater Associates is a tough place to work. But for those able to navigate the unorthodox culture — defined by Dalio’s mantra of radical transparency — the rewards are worth it. His long-time lieutenants, Greg Jensen, 43, and Bob Prince, 59, have amassed fortunes of at least $1 billion, according to an analysis by the Bloomberg Billionaires Index, largely thanks to the rising value of the world’s largest hedge fund firm, which topped $16 billion at the end of 2017.

Things Could Probably Get Worse For David Einhorn, We’re Just Not Sure How Right Now (DealBreaker)
You know, at this point, I almost feel like it’s distasteful to tacitly rub salt in the gaping wound that is David Einhorn by continuing to document the trials and tribulations of an investment strategy that, quite simply, isn’t working anymore. When last we checked in on David, he was waxing nostalgic (“Bubbles do pop, you know, or at least they used to“) for a time when hedge fund titans could still make an honest fortune by betting on the demise of the global financial system. The cruel irony – for David, at least – is that his ongoing underperformance is in no small part attributable to the dynamics engendered by the policy response to the bursting of the housing bubble.

Monday 7/2 Insider Buying Report: FNTE, VAC (Nasdaq.com)
At FinTech Acquisition Corp II (NASDAQ:FNTE), a filing with the SEC revealed that on Friday, Director Betsy Z. Cohen purchased 500,000 shares of FNTE, for a cost of $10.05 each, for a total investment of $5.03M. FinTech Acquisition Corp II is trading up about 0.3% on the day Monday.

Insider Selling: Overseas Shipholding Group Inc. (OSG) Major Shareholder Sells $765,277.00 in Stock (WeekHerald.com)
Overseas Shipholding Group Inc. (NYSE:OSG) major shareholder Bluemountain Capital Management sold 189,425 shares of the firm’s stock in a transaction on Wednesday, June 27th. The shares were sold at an average price of $4.04, for a total transaction of $765,277.00. Following the completion of the transaction, the insider now directly owns 8,198,641 shares of the company’s stock, valued at $33,122,509.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Insider Buying: FuelCell Energy Inc (FCEL) Chairman Buys 152,000 Shares of Stock (MaconDaily.com)
FuelCell Energy Inc (NASDAQ:FCEL) Chairman John A. Rolls bought 152,000 shares of the firm’s stock in a transaction dated Wednesday, June 27th. The shares were bought at an average price of $1.31 per share, with a total value of $199,120.00. Following the completion of the transaction, the chairman now directly owns 317,274 shares in the company, valued at approximately $415,628.94. The transaction was disclosed in a filing with the Securities & Exchange Commission.

Insider Trading Activity Christopher & Banks Co. (NYSE:CBK) – Director Bought 42,433 shares of Stock\ (MarketExclusive.com)
Seth R. Johnson , Director of Christopher & Banks Co. (NYSE:CBK) reportedly Bought 42,433 shares of the company’s stock at an average price of 0.93 for a total transaction amount of $39,462.69.

Insider Buying: Net 1 UEPS Technologies Inc (UEPS) Director Purchases $179,417.70 in Stock (WeekHerald)
Net 1 UEPS Technologies Inc (NASDAQ:UEPS) Director Alfred T. Mockett acquired 20,790 shares of the company’s stock in a transaction that occurred on Wednesday, June 27th. The shares were acquired at an average cost of $8.63 per share, with a total value of $179,417.70. Following the purchase, the director now owns 17,639 shares in the company, valued at approximately $152,224.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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