Archer Capital Management Lp Increased Straight Path Communicatns I (NYSEMKT:STRP) by $10.53 Million as Shares Rose
November 15, 2016 Winifred Garcia
Eric Edidin increased its stake in Straight Path Communicatns I (NYSEMKT:STRP) by 187.09% based on its latest 2016Q3 regulatory filing with the SEC. Archer Capital Management Lp bought 421,186 shares as the company’s stock rose 72.87% with the market. The hedge fund run by Eric Edidin held 646,312 shares of the telecommunications equipment company at the end of 2016Q3, valued at $16.55 million, up from 225,126 at the end of the previous reported quarter. Archer Capital Management Lp who had been investing in Straight Path Communicatns I for a number of months, seems to be bullish on the $373.56 million market cap company. The stock decreased 2.48% or $0.67 during the last trading session, hitting $26.33. About 222,552 shares traded hands or 74.86% up from the average. Straight Path Communications Inc (NYSEMKT:STRP) has declined 16.76% since April 13, 2016 and is downtrending. It has underperformed by 20.68% the S&P500.
Archer Capital Management Lp, which manages about $1.86B and $398.71M US Long portfolio, decreased its stake in Macquarie Infrastructure Cor (NYSE:MIC) by 123,000 shares to 532,966 shares, valued at $44.36M in 2016Q3, according to the filing.
