Huge Apple Inc. (AAPL) Investment Pushes It To The Top Of Steadfast’s Tech Picks

Even after reducing its stake in Sunedison Inc (NYSE: SUNE) by 16% to a little over 9.07 million shares valued at $217.7 million at the end of March, the company remained Steadfast Capital’s second-largest technology pick heading into the second quarter. Shares of the clean energy company have had a massive surge in the last couple of months, pushing them up by over 52% year-to-date. The company recently announced that it plans to invest almost $15 billion in India by 2020. Most of the analysts are extremely bullish on the stock, with 12 out of 14 of them who cover the stock having a ‘Buy’ rating on it. Analysts expected the company to reduce its losses by more than half during the second quarter and post an EPS loss of $0.43, compared to the EPS loss of $0.92 that it reported for the first quarter of the year. The company stood firmly on our list of the 20 most popular stocks held by hedge funds at the end of the March quarter. Kenneth Tropin’s Graham Capital Management and David Einhorn‘s Greenlight Capital were two of the largest shareholders of the company as of March 31.

Steadfast Capital Management increased its stake in the gaming company King Digital Entertainment PLC (NYSE:KING) by 18% during the March quarter to over 8.18 million shares valued at about $141 million as of March 31. Shares of the maker of games such as Candy Crush and Bubble Witch are down more than 20% since its IPO in late March of last year, when Steadfast Capital Management initiated a stake in the company. King Digital Entertainment PLC (NYSE:KING) has an average recommendation of ‘Overweight’ on the Street, with an average price target of $19.20, over 35% higher than its current trading price of $14. Apart from Steadfast, David E. Shaw‘s firm D E Shaw is also bullish on the stock, increasing its stake by 122% during the first quarter.

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