GameStop Corp. (GME) disclosed Tuesday that Maverick Capital more than doubled its stake in the videogame and consumer electronics retailer during the fourth quarter, putting the hedge fund in line to be the sixth largest shareholder. The company said in a 13G filing with the Securities and Exchange Commission, which are required when a party's ownership exceeds 5% of the shares outstanding, that Maverick Capital Ltd. owned 4,658,607 GameStop shares, representing 6.7% of the shares outstanding. The company said the date of the event the required the filing was Dec. 31. That compares with Maverick Capital's last 13F filing, in which investment managers must disclose their equity holdings at the end of each quarter, that showed it owned 1,763,850 GameStop shares as of Sept. 30, which at the time represented 2.5% of the shares outstanding. At that time, Maverick Capital was the 12th largest shareholder. If Maverick still owns the 4.66 million shares, the value of the 2,894,757 shares it acquired during the fourth quarter would have increased by about $88.8 million year to date, as the stock was the poster child for a trading frenzy among heavily shorted stocks ( ). The stock fell 5.5% in afternoon trading. It has tumbled 85.8% since closing at a record $347.51 on Jan. 27, but has still soared 310.5% over the past three months, while the S&P 500 has gained 8.6% over the same time.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 16, 2021 14:47 ET (19:47 GMT)
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