NEW YORK (Reuters) – Hedge fund Renaissance Applied sciences added a brand new lengthy place in GameStop and considerably elevated its place in AMC Leisure throughout the first quarter, placing it in place to profit from the meme inventory mania sweeping via the U.S. fairness market this week.
Renaissance added 1,004,958 shares of videogame retailer GameStop throughout the quarter, which had a worth of roughly $12.6 million on the finish of March, in response to a securities submitting launched on Could 13.
Meme shares have soared this week after an account linked to Keith Gill, the central determine behind the earlier meme inventory frenzy in 2021, posted messages on social media platform X. The shares began to lose momentum on Wednesday.
Quarterly disclosures of hedge fund managers’ inventory holdings in 13-F filings with the U.S. Securities and Alternate Fee are one of many few public methods of monitoring what hedge fund managers are promoting and shopping for. The disclosures are made 45 days after the tip of every quarter and should not mirror present positions.
GameStop shares are up greater than 93% for the week and up greater than 300% over the past 10 buying and selling days, probably making Renaissance Applied sciences’ stake now value almost $33.5 million if it stored the place.
Renaissance additionally elevated its place in cinema chain AMC by 78% throughout the first quarter to present it a complete of roughly 8.7 million shares, the securities submitting confirmed.
Shares of different corporations, together with AMC, headphones maker Koss and meals storage container firm Tupperware have adopted GameStop larger. Like GameStop, lots of the shares are closely shorted.
James Simon, who based the quantitative hedge fund Renaissance Applied sciences, died final week at 86.
(Reporting by Carolina Mandl and David Randall, in New York; Modifying by Rod Nickel)
