Advanced Micro Devices, Inc. (NASDAQ: AMD) is having an overwhelmingly strong start to the trading session this morning, and for good reason. While the company hasn’t released any news of its own, investors seem to be focused on a filing with the SEC informing them of an increased stake by a big money investor. Today, we’ll talk about:
- The increased stake;
- what we’re seeing from the stock; and
- what we’ll be watching for with regard to AMD ahead.
AMD Heads Up On Increased Stake
As mentioned above, Advanced Micro Devices is having an incredibly strong start to the trading session this morning. While the company didn’t release any news of its own, news broke that the company is the center of a large investment. In a recent SEC filing, a big money investor disclosed a larger stake in the company.
The investor is billionaire hedge fund manager and founder of Millennium Management, Israel Englander. Known for his strategies focused on small-scale gains without opting for high risks that expose him to steep losses, Englander is a well-respected expert in the investing community. Currently, his fund, Millennium Management, manages more than $35 billion in assets and recently made some big moves in the tech sector. In fact, Englander recently increased his position in AMD by 1.312% after selling most of the fund’s holdings in the competitor, Micron Technology (NASDAQ: MU).
According to the filing with the SEC, the billionaire recently increased his position in AMD by 6,225,227. As a result, the mogul currently holds a position in the company worth $67.3 million.
What We’re Seeing From The Stock
As news breaks surrounding this increase in stake and bode of confidence surrounding AMD, investors are getting excited. So, it’s no surprise to see that the stock is headed upward. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:36), AMD is trading at $14.86 per share after a gain of $0.46 per share (3.19%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AMD. In particular, we’re interested in following the company’s growth and how it plays into an overwhelmingly competitive space. While Englander seems to think that the company has the edge on MU and other competitors, whether or not this will be the case is yet to be seen. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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