Take-Two (TTWO) Moves Higher as One Noted Hedge Fund Sees Value
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Take-Two Interactive (Nasdaq: TTWO) shares are moving into positive territory Friday morning following disclosure that a noted hedge fund nearly doubled its bet on the software market.
According to a Form 13G filed with the U.S. SEC today, Ken Griffin's Citadel boosted its stake 81 percent to over 5.5 million shares, or 6.06 percent.
The move today comes as Take-Two, along with peers Electronic Arts (Nasdaq: EA) and Activision Blizzard (Nasdaq: ATVI), was hit in mid-December following the tragic shooting in Newtown, CT. Many pointed the finger at violent video games like "Grand Theft Auto" (Take-Two) and "Call of Duty" (Activision) as contributors to those sorts of events.
We're not aiming to get into a political debate about whether those assumptions are true or not; we're a financial website, so we'll stick with the notion that Griffin sees some little value in Take-Two today. Shares have ended lower seven of the last eight sessions, losing about 16 percent of share value in the process. Electronic Arts and Activision have been on less dramatic slides.
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According to a Form 13G filed with the U.S. SEC today, Ken Griffin's Citadel boosted its stake 81 percent to over 5.5 million shares, or 6.06 percent.
The move today comes as Take-Two, along with peers Electronic Arts (Nasdaq: EA) and Activision Blizzard (Nasdaq: ATVI), was hit in mid-December following the tragic shooting in Newtown, CT. Many pointed the finger at violent video games like "Grand Theft Auto" (Take-Two) and "Call of Duty" (Activision) as contributors to those sorts of events.
We're not aiming to get into a political debate about whether those assumptions are true or not; we're a financial website, so we'll stick with the notion that Griffin sees some little value in Take-Two today. Shares have ended lower seven of the last eight sessions, losing about 16 percent of share value in the process. Electronic Arts and Activision have been on less dramatic slides.
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