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Ken Griffin’s Citadel Thinks This Stock Is Oversold. An Insider Agrees.

Ken Griffin’s Citadel disclosed a 5.7% stake in FXCM Inc (FXCM) this morning. Ken Grififn had 135K shares of FXCM in his portfolio at the end of December but he sold them during the first quarter when the stock was trading around $12-14 per share. During the past couple of weeks FXCM’s share price went below $9 and this made Ken Griffin initiate a 1 million share position in FXCM. This is nearly 8 times his previous position in the same stock. He clearly thinks this stock is oversold. A director of the company agrees. James Brown purchased 100K shares on Tuesday at $9.01-$9.02.

CITADEL INVESTMENT GROUP

Ken Griffin isn’t the only hedge fund manager who is bullish about FXCM. Lee Ainslie, Steve Eisman, Samlyn Capital’s Robert Pohly, Alyeska’s Anand Parekh, and Seneca Capital’s Douglas Hirsch had large positions in FXCM at the end of March as well. The market responded positively to Griffin’s and Brown’s purchases as well. The stock is currently trading at $9.65, up nearly 7%.

According to Yahoo Finance, FXCM Inc. provides online foreign exchange (FX) trading and related services to retail and institutional customers Worldwide. It provides spot FX, contracts-for-difference, spread betting, and equities and equity options trading. The company’s customers access over-the-counter FX markets through its proprietary technology platform. It offers micro, standard, and active trader accounts for small, medium, and high volume traders. The company was incorporated in 2010 and is based in New York, New York. FXCM Inc. is a subsidiary of FXCM Holdings, LLC.

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