Rob Citrone’s Discovery Capital revealed its recent insider purchases in Universal Display Corp \PA\ (PANL) on November 30st. Discovery Capital bought 100 thousand shares in PANL at $41.73 on November 28th, so the firm now takes approximately 5.72 million shares in PANL, giving 12.5% passive stake in the company. Discovery Capital has increased its position by 14.5% after the third quarter, from 4.99 million shares at the end of September. PANL is now trading at $40.25, representing a 32% return year to date.
Fourteen hedge funds were bullish about the stock in the second quarter. Rob Citrone’s Discovery Capital boosted its position by 43% and took 3.06 million shares. John Hurley’s Cavalry Asset Management took the second and had 827 thousand shares in PANL, down by 14% from Q1. Richard Driehaus’ Driehaus Capital had 204 thousand shares, after the firm cut its position by 46%.
Discovery Capital was founded in 1999 by Robert Citrone and Principal Harry Krensky. The firm is based in Connecticut and has a portfolio value of more than $3 billion. The firm mainly invests in Technology, Services, Basic Materials, and Financial sector.
Based on Yahoo! Finance, Universal Display Corporation “engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel display, solid-state lighting, and other product applications”. “It owns exclusive license or has the sole right to sublicense approximately 1,000 patents issued and pending worldwide.” The company also involves in the research, development, and commercialization of other OLED device and manufacturing technologies, as well as provides technical assistance and support to third parties. The company was founded in 1985 and is based in Ewing, New Jersey.