Ocz Technology (OCZ) Gets Stamp of Approval From Hedge Fund King
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Investors are bidding up shares of Ocz Technology Group Inc. (Nasdaq: OCZ) after-hours Monday following a disclosure that hedge fund titan Steven Cohen's SAC Capital accumulated a hefty stake in the maker of Solid-State Drives (SSDs).
In a 13G filing after the closing bell Monday, Cohen's firm showed that they raised their stake in Ocz Technology to 5.1 percent, or 2,623,346 shares, as of May 26, 2011. The firm held just 9,784 shares of Ocz at the end of the latest quarter March 31, 2011.
Cohen's hedge fund is known for its active trading and since the filing is a few days old, the firm could have already raised or lowered its position in OCZ. However, some believe Cohen could be in OCZ for a bit longer.
These investors cite the high short interest of 24 percent, which could create a "squeeze like" situation. In addition, the IPO for Fusion-io (NYSE: FIO) is expected later this week, which could create interest in the group.
Shares of OCZ are up 4 percent to $7.52 in after-hours trading action.
In a 13G filing after the closing bell Monday, Cohen's firm showed that they raised their stake in Ocz Technology to 5.1 percent, or 2,623,346 shares, as of May 26, 2011. The firm held just 9,784 shares of Ocz at the end of the latest quarter March 31, 2011.
Cohen's hedge fund is known for its active trading and since the filing is a few days old, the firm could have already raised or lowered its position in OCZ. However, some believe Cohen could be in OCZ for a bit longer.
These investors cite the high short interest of 24 percent, which could create a "squeeze like" situation. In addition, the IPO for Fusion-io (NYSE: FIO) is expected later this week, which could create interest in the group.
Shares of OCZ are up 4 percent to $7.52 in after-hours trading action.
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