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Decreases in Holdings

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Peabody Energy

Elliott Management reduced its interest in the coal producer to 17,950,000 shares. Without providing a reason, Elliott sold 3,159,807 Peabody Energy shares between Nov. 15 and Dec. 1 at per share prices ranging from $23.29 to $24.56. In mid-September 2021, Elliott held a nearly 24% interest in Peabody Energy.

Bumble

Blackstone Group has reduced its stake in the online-dating platform to 58,583,187 shares. Bumble conducted a $100 million privately negotiated buyback, repurchasing 4,012,101 Class A shares and 3,192,146 limited partnership interests convertible into Bumble stock on a one-for-one basis, at $13.88 per share. This buyback concluded on Dec. 7 and resulted in Blackstone now owning 36.9% of Bumble’s outstanding stock.

In other news, Bumble founder Whitney Wolfe Herd will step down as CEO at the beginning of 2024 to assume the role of executive chair. Lidiane Jones, CEO of Salesforce subsidiary Slack, has been selected as Herd’s successor. Jones is an experienced professional in the tech industry, having worked for Microsoft for over a decade.

Bumble’s Stock Performance

Bumble, which went public in February 2021, initially had a successful opening day with its stock trading at over $70 per share. However, since then, its stock has seen a significant decline and is now valued at approximately $14.

Gulfport Energy and Silver Point Capital

Hedge fund Silver Point Capital recently reduced its position in Gulfport Energy, an oil-and-gas explorer. The hedge fund now holds 7,919,367 shares, including 1,695,929 shares underlying preferred stock. In December, Gulfport Energy repurchased 146,455 of its shares from Silver Point at a price of $136.56 per share. Despite this transaction, Silver Point still maintains a significant stake of 39% in Gulfport Energy and remains its largest shareholder.

Oaktree Capital and Star Bulk Carriers

Oaktree Capital has decreased its holding in Star Bulk Carriers, a shipping and logistics company. The repurchase agreement between Star Bulk Carriers and Oaktree closed in December, resulting in the shipping company buying back 10 million shares at a price of $19.50 each. As a result, Oaktree’s ownership interest in Star Bulk Carriers now stands at 7.4%.

OrbiMed Advisors’ Stake Reduction

OrbiMed Advisors has recently reduced its stake in SpringWorks Therapeutics, a clinical-stage biopharmaceutical firm. The hedge fund now holds 3,567,159 shares after selling 401,429 of its SpringWorks Therapeutics shares at prices ranging from $24.89 to $32.31 each. With this decrease in share ownership, OrbiMed now holds 4.9% of SpringWorks’ outstanding stock.

SpringWorks Therapeutics’ Offering

SpringWorks Therapeutics, a company focused on severe rare diseases and cancer treatment, recently announced an offering of 9.5 million shares priced at $29 each.

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