Agilysys Inc. (NASDAQ:AGYS) makes our list as well, with the hedge funds we track holding 55.90% of its outstanding stock on June 30. Unlike the performance of the previously-discussed companies, Agilysys Inc. (NASDAQ:AGYS) has been more stable over the last few months, though it has still lost over 23% year-to-date. Just one fund added Agilysys to its portfolio in the second quarter, lifting the number to ten. Still, the value of the stakes owned by funds decreased to $116.82 million from $121.57 million. The global provider of next-generation hospitality software solutions and services had a solid start to its current fiscal year. Specifically, Agilysys managed to generate year-over-year quarterly revenue growth of 16% during its fiscal first quarter of 2016, whereas its quarterly net loss narrowed to $0.01 per diluted share from $0.10 in the prior-year period. Michael Kaufman’s MAK Capital One held its position in Agilysys Inc. (NASDAQ:AGYS) unchanged during the quarter at 7.06 million shares.
Let’s now move on to Loral Space & Communications Inc. (NASDAQ:LORL), which has seen its share price drop by nearly 29% since the beginning of the year and had a concentration of ownership of 55.30% among the 737 hedge funds we track at the end of June. The number of hedge funds having positions in the satellite communications company declined to 28 from 31, as did the value of these positions, which came to $1.08 billion at the end of the quarter. Loral engages in satellite services operations through its ownership interest in Telesat Holdings Inc., which owns global fixed satellite services operator Telesat Canada. The company is expected to deliver growth in its operating income and cash flow in the upcoming quarters, given the relatively fixed cost nature of its business and the increasing demand for satellite services. Mark Rachesky’s MHR Fund Management holds an activist stake in Loral Space & Communications Inc. (NASDAQ:LORL) comprised of 8.13 million shares.
Finally, Rosetta Stone Inc. (NYSE:RST) lost some confidence from hedge funds, as the funds’ positions in the stock decreased to 11 from 12. Nevertheless, the value of the overall investments increased to $94.97 million from $88.24 million over the quarter, giving hedge funds a 55.10% stake in the company. As already mentioned, the tech sector is down this year and Rosetta Stone is no exception; the stock has dropped by 30% since the beginning of the year. Rosetta, a leader in technology-based learning solutions, recently posted its financial results for the second quarter, reporting revenues of $51.4 million, down by $5.9 million year-over-year. Meanwhile, the company’s net loss came to $0.38 per diluted share, compared to a loss of $0.74 a year ago. John W. Rogers’ Ariel Investment represents the largest shareholder in Rosetta Stone Inc. (NYSE:RST) within our database, holding a 4.22 million-share stake.
Disclosure: None
