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These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Nov. 25 to Dec. 1, 2021. Source: InsiderScore.com
Activist Holdings
Lazydays Holdings (LAZY)
Kanen Wealth Management revealed owning 1,027,684 shares of the RV dealership operator, including 258,210 shares underlying warrants. Those figures exclude shares held directly by Kanen Wealth Management’s founder, David Kanen. Kanen Wealth issued an open letter to Lazydays stockholders dated Nov. 30, calling for Lazydays’ board to replace the current CEO and chairman, Bill Murnane. Kanen Wealth believes that under Murnane’s leadership, Lazydays has de-emphasized growth, adding a mere dozen dealerships over the past 12 years.
In contrast, competitors RV Retailer and
Camping World (CWH) have acquired over 80 and 120 dealerships, respectively, with RV Retailer doing so in 3½ years. Kanen Wealth contends that Murnane has done little to “mitigate dilution and shrink the share count at large discounts to intrinsic value,” adding that Lazydays “needs a CEO that believes in appropriately allocating [its] large pro forma cash position.” To that end, Kanen Wealth calls for Lazydays’ board to immediately begin a CEO search and commit to a $100 million buyback or tender for common stock and warrants.
Increases In Holdings
Ruth’s Hospitality Group (RUTH)
Hill Path Capital raised its stake in the holding company of the Ruth’s Chris Steak House chain to 2,070,259 shares. Hill Path purchased 1,178,517 shares at prices ranging from $17.06 to $19 from Oct. 13 through Nov. 29. Hill Path now holds a 6% interest in Ruth’s Hospitality.
Decreases In Holdings
Resideo Technologies (REZI)
Praesidium Investment Management lowered its position in the home thermal and security-control products maker to 7,199,117 shares. Praesidium sold 273,626 Resideo Technologies shares from Sept. 27 through Nov. 24 at prices ranging from $23.68 to $27.84. Praesidium also bought 8,613 shares on Nov. 10 at $27.24 apiece.
Praesidium said it had trimmed its Resideo Technologies stake to rebalance its portfolio “in light of recent market volatility and the appreciation of [Resideo Technologies’] stock price.” Praesidium now owns less than 5% of Resideo Technologies’ stock, a 4.99% interest that precludes Praesidium from disclosing any further sales.
SoFi Technologies (SOFI)
Red Crow Capital cut its holding in the online financial-services platform by roughly a fifth, to 42,645,574 shares. That figure includes shares beneficially held by Clay Wilkes, manager of Red Crow Capital. On Nov. 15, Red Crow Capital sold 10,076,668 SoFi Technologies shares through an underwritten offering that priced at $21.50 per share. After the offering closed on Nov. 18, Red Crow Capital owned a 5.3% stake in SoFi Technologies.
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