Hedge Funds Continue to Ride PayPal’s Stock RallyBy
Shares of PayPal Holdings Inc. have almost doubled this year, and hedge funds are basking in the glory.
At least 50 holders upped the ante on PayPal last quarter, taking new stakes or increasing existing holdings before Sept. 30, according to Bloomberg data. That means many have enjoyed the stock’s latest leg up, as the shares have rallied 16 percent since the end of the third quarter.
Lone Pine Capital, for example, took a new $430 million stake in the San Jose, California-based payments giant. Now that stake is worth more than $500 million, assuming none of the position was sold since the end of September. Melvin Capital Management also established a new $147 million position in the stock.
Coatue Management, Fidelity Management and Lansdowne Partners, which already had interests in PayPal, boosted their bets. Carl Icahn didn’t make changes to his $640.3 million position.