Insignia Systems (NASDAQ:ISIG) news for Tuesday includes a filing with the U.S. Securities and Exchange Commission (SEC) boosting ISIG stock up.
The SEC filing reveals two large stakes in the company from Cable Car Capital LLC and The Funicular Fund, LP. The filing was made jointly and investment firm Cable Car Capital has sole voting power of the shares.
Cable Car Capital’s investment in the company has it acquiring a total of 610,000 shares of ISIG stock. This gives the investment firm a 4.99% stake in the manufacturer of point-of-sale signage.
The Funicular Fund’s investment in Insignia Systems is slightly smaller with it obtaining 585,000 shares of ISIG stock. That represents a 4.79% stake in the company based on the 12,203,397 outstanding shares as of Aug. 11, 2020.
Cable Car Capital and The Funicular Fund spent a total of $541,680, including brokerage commissions, to acquire their stakes in Insignia Systems. The funds for the purchase came from capital belonging to The Funicular Fund as well as another account that Cable Car Capital manages.
News of Cable Car Capital’s and The Funicular Fund’s investments in Insignia Systems got investors in ISIG stock excited today. The company is up on heavy trading as roughly 69 million shares have changed hands as of this writing. For comparison, ISIG stock’s normal average trading for a day is closer to 476,000 shares.
ISIG stock was up 47.5% as of Tuesday morning and is up 91.1% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.