New York (HedgeCo.net) – The latest round of 13F filings have been released this week and what we have learned is that a number of hedge funds bought shares of SunEdison while an equal number exited their positions in the embattled company. While those that entered new positions were likely looking to take advantage of the huge decline in the stock’s price, if they thought they were buying at the bottom, boy were they wrong. The stock is down over 68% so far in 2016.

In terms of funds that bought the stock, Visium Asset Management bought 1.3 million shares during the fourth quarter and that was a new position for the fund. Sand Grove Capital Management also entered a new position by purchasing 272,000 shares during the quarter. Adage Capital Partners bought and additional 9.2 million shares to lift their stake to 17 million shares.

Among the funds that sold shares of the company were Cobalt Capital Management, Senvest Management and the State Teachers Retirement System of Ohio.

Rick Pendergraft
Research Analyst
HedgeCoVest