Robert Pitts’ Steadfast Capital Management recently boosted its position in OpenTable, Inc. (OPEN). According to its latest 13G on October 4th, Steadfast Capital Management increased its position in OPEN to 1.47 million shares, or 6.21% stake ownership, from 443 thousand shares in the second quarter. In 2011, OPEN had a mixed performance and suffered a continuous decline in the third quarter. Now the stock has realized a loss of 38%. Since OPEN’s daily volume was less than 2 million, Steadfast Capital Management might have done several transactions before they passed the 5% threshold on September 21st. Later the firm continued the purchase when the stock dropped a bit more. Now OPEN is still in a downturn and is trading at $46.2.
Seventy hedge funds had OPEN in their portfolios in the second quarter. John Thaler’s JAT Capital Management had more shares than Steadfast Capital Management, with 897 thousand shares, corresponding to a 3.79% stake. This was after the firm increased its position by 144%. Other hedge funds had comparatively smaller positions. John Lykouretzos’ Hoplite Capital Management had 105 thousand shares, and Jim Simons’ Renaissance Technologies had 70 thousand shares.
Steadfast Capital Management is a New York-based privately owned hedge fund, providing services to pooled investment vehicles. The firm has a 13F portfolio of more than $2.7 billion, mainly investing in Financial, Technology, Basic Materials, and Healthcare sector.
OpenTable, Inc is a restaurant reservation solutions firm. It offers online network solutions to connect reservation-taking restaurants and people who dine at those restaurants. The firm also provides electronic reservation book (ERB), which can enhance reservation management, table management, guest recognition, and email marketing. The firm was founded in 1998 and is headquartered in San Francisco, California.