Michael Burry Is Dumping These 5 Stocks

4. Discovery, Inc. (NASDAQ:DISCA)

Number of Hedge Fund Holders: 44  

Discovery, Inc. (NASDAQ:DISCA) is a New York based media firm. The hedge fund overseen by Burry had held $24 million worth of shares in the company at the end of the second quarter. That stake has been sold off completely in the third quarter, according to the latest data. 

Macquarie analyst Tim Nollen recently upgraded Discovery, Inc. (NASDAQ:DISCA) stock to Outperform from Neutral and raised the price target to $40 from $33, noting the growth of the streaming platform of the firm in a bullish investor note. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Discovery, Inc. (NASDAQ:DISCA) with 5.6 million shares worth more than $165 million. 

In its Q1 2021 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and Discovery, Inc. (NASDAQ:DISCA) was one of them. Here is what the fund said:

“We also sold most of our holdings in Discovery as the stock price continued to increase to new highs. However, in late March the stock declined considerably when brokers liquidated holdings by Archegos Capital (see above in General Commentary) to satisfy margin calls. That brought the stock price down to levels that we found attractive, and we bought back a significant amount of the shares that we had sold earlier that month.”