Roumell Asset Management Closes Stake in Sandstorm Gold; Buys Stakes in FIG, Polaris Industries

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WCI Communities Inc. (NYSE:WCIC)

– Shares Owned by Roumell Asset Management LLC (as of June 30): 90,180
– Value of Roumell Asset Management LLC’s Holding (as of June 30): $1.52 Million

James Roumell and his team also snatched up a new 90,180-share position in WCI Communities Inc. (NYSE:WCIC) during the three months that ended June 30, valued at $1.52 million on the last day of June. This position constituted 3.5% of the equity portfolio value. The lifestyle community developer and luxury homebuilder of single and multi-family homes in the coastal Florida markets has seen its market cap plunge by 23% since the beginning of the year. In a second-quarter letter to investors, Roumell Asset Management laid out several financial characteristics that prompted them to make an investment in WCI Communities. According to the Maryland-based asset manager, WCIC’s “overall financial position and results of operations are strong and the stock trades below reported book value.” Moreover, the asset manager believes that the “reported book value is understated as certain valuable real estate assets are recorded on the company’s balance sheet at an amount below the current re-sale value.” For instance, a set of 12 undeveloped condo-tower pads are worth $0.65 per share on the balance sheet, but they are “worth closer to $3 based on comparable sales.” Royce & Associates, founded by Chuck Royce, owns 134,300 shares of WCI Communities Inc. (NYSE:WCIC) as of the end of the June quarter.

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GSI Technology Inc. (NASDAQ:GSIT)

– Shares Owned by Roumell Asset Management LLC (as of June 30): 571,460
– Value of Roumell Asset Management LLC’s Holding (as of June 30): $2.38 Million

Roumell Asset Management LLC added 444,460 shares of GSI Technology Inc. (NASDAQ:GSIT) to its existing position in the company during the April-to-June period, finishing the second quarter with 571,460 shares valued at $2.38 million. The position accounted for 5.4% of the asset management firm’s overall portfolio. The shares of the fabless semiconductor company are up 28% so far in 2016. In the aforementioned letter to investors, Roumell said that their bullish thesis on GSI Technology focuses on “the associative computing technology and the patented intellectual property acquired with MikaMonu,” an Israeli company bought in November 2015. According to the Maryland-based asset manager, Amazon.com Inc. (NASDAQ:AMZN) was shown the company’s cutting-edge in-place associative computing technology, with the e-commerce giant being “very impressed” after running simulations. Roumell Asset Management have been told that “Amazon would like these chips in hand as soon as possible.” The investment firm says they “seem to be paying nothing for the MikaMonu option (free growth investing).” Renaissance Technology LLC has 601,700 shares of GSI Technology Inc. (NASDAQ:GSIT) in its portfolio as of the end of the second quarter.

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Disclosure: None

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