Mario Gabelli, one of the billionaires whose activity is followed by us at Insider Monkey, recently disclosed a reduction of its stake in iGo, Inc. (NASDAQ:IGOI) to 2.58%, equivalent to some 76,200 shares. At the current price of company’s stock, the value of the position held by Gamco Investors amounts to $230,800. In comparison with the previously amended filing with the SEC, the position in the company declined by about 69,950 shares.
iGo, which specializes in production of power products for mobile devices, had a revenue of $4.7 million in the previous quarter, which is lower than $7.3 million reported for the same period of last year. Also, the company managed to reduce its net loss to $2.4 million, equivalent to $0.81 per share, from a year-ago amount of $3.5 million, the company said in a statement.
Aside from Gamco Investors, some other hedge funds that we track also held shares of iGo last quarter, including Phill Gross and Robert Atchinson’s Adage Capital Management and Jim Simons’ Renaissance Technologies.