Form 13-F filing season is always interesting to watch. Indeed, investors in Paysafe (NYSE:PSFE) and PSFE stock are in a good mood today. And for good reason.
Via yesterday’s 13-F filings, we saw that Appaloosa LP added a new position in PSFE stock. David Tepper’s fund is one of the top funds watched closely by investors. Indeed, Mr. Tepper’s investment track record makes Appaloosa a key focal point for value and growth investors alike.
Today, shares of Paysafe are up nearly 9% at the time of writing. It appears the market is viewing this stock very favorably today.
Let’s dive into why investors are viewing this move as a big deal today.
PSFE Stock Soaring As Tepper Announces Holding
This investment in PSFE stock is notable for a couple key reasons. The first is that Paysafe has been on a slow and steady decline in recent months. Since hitting a high of nearly $20 per share earlier this year, PSFE stock has declined substantially. Today, post-rise, investors can still pick up shares of PSFE stock for around $12 per share.
This is meaningful, because according to Appaloosa’s filing, the company acquired shares of PSFE stock at around the $13.50 level. The company’s holdings accounted for roughly 2% of the fund’s total assets. Thus, Paysafe appears to be a meaningful, yet small portfolio addition. Speculation that this stock could be added to on weakness may be at play with today’s rise.
Additionally, it appears Paysafe was one of the few high-growth additions to Mr. Tepper’s portfolio. His sale of other high-growth stocks during this time frame makes Paysafe stand out. Accordingly, it appears investors are taking note today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.