Share Dilution

Lazydays, Ruth’s Hospitality, Resideo and SoFi see the action of activist investors

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These disclosures come from 13D filed with the Securities and Exchange Commission. 13Ds are deposited within 10 days of an entity reaching more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended returns. This material is from November 25 to December 1, 2021. Source: InsiderScore.com

Activist assets


Lazydays Holdings

(LAZY)

Kanen Wealth Management disclosed that it holds 1,027,684 shares of dealer RV, including 258,210 shares underlying the warrants. These figures exclude stocks directly owned by Kanen Wealth Management founder David Kanen. Kanen Wealth published an open letter to Lazydays shareholders dated November 30, calling on the Lazydays board to replace current CEO and chairman Bill Murnane. Kanen Wealth believes that under Murnane’s leadership, Lazydays has reduced the focus on growth, adding just a dozen dealers over the past 12 years.

On the other hand, competitors RV Retailer and


Camping world

(CWH) have acquired over 80 and 120 dealers, respectively, and RV Retailer has done so in 3.5 years. Kanen Wealth argues that Murnane has done little to “mitigate dilution and reduce the number of stocks with large discounts to intrinsic value”, adding that Lazydays “needs a CEO who believes in the right allocation [its] significant pro forma cash position. To that end, Kanen Wealth calls on the Lazydays board to immediately launch a CEO search and engage in a $ 100 million buyout or tender of common stock and warrants.

Increase in assets


Ruth’s welcome group

(RUTH)

Capital of the hill road increased its stake in the holding company of the chain Ruth’s Chris Steak House to 2,070,259 shares. Hill Path bought 1,178,517 shares at prices ranging from $ 17.06 to $ 19 from October 13 to November 29. Hill Path now owns a 6% stake in Ruth’s Hospitality.

Decrease in assets


Resideo Technologies

(REZI)

Praesidium Investment Management lowered its position in the manufacturer of thermal and home security control products to 7,199,117 shares. Praesidium sold 273,626 Resideo Technologies shares from September 27 to November 24 at prices ranging from $ 23.68 to $ 27.84. Praesidium also bought 8,613 shares on November 10 at $ 27.24 apiece.

Praesidium said it reduced its stake in Resideo Technologies to rebalance its portfolio “in light of recent market volatility and the appreciation of [Resideo Technologies’] share price. ”Praesidium now owns less than 5% of the shares of Resideo Technologies, a 4.99% stake that prevents Praesidium from disclosing further sales.


SoFi Technologies

(SOFI)

Capital of the Red Crow reduced its stake in the online financial services platform by around one-fifth to 42,645,574 shares. This figure includes shares held by Clay Wilkes, director of Red Crow Capital. On November 15, Red Crow Capital sold 10,076,668 shares of SoFi Technologies in a subscribed offer at a price of $ 21.50 per share. After the offer closed on November 18, Red Crow Capital held a 5.3% stake in SoFi Technologies.

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