Previous Story
Fortress Confirms Plan to Close Flagship Macro Hedge Fund
Posted On Oct 13 2015
Comment: Off
The brokerage now has a hold rating on the stock.
The Fortress’ conclusion trust, anticipated that would occur before the year’s end, highlights a tiresome keep running for the fence investments industry. With the volume soaring to 1,110,809 shares, the last trade was called at $5.63. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
That fund, with $3.9 billion, was spun out of Fortress this year and renamed Graticule Asia Macro. The reduced interest is 1.4% of the floated shares. The company has a market cap of $1,173 million and the number of outstanding shares have been calculated to be 215,673,000 shares. The 50-Day Moving Average price is $5.61 and the 200 Day Moving Average price is recorded at $7.11. The 52-week high of Fortress Investment Group LLC (NYSE:FIG) is $8.65 and the 52-week low is $4.16. Fortress Investment Group LLC has dropped 26.54% during the last 3-month period. During the same quarter in the previous year, the business posted $0.39 EPS.
Fortress has spent over a year trying to turn around the fund, which has shrunk to well under 5% of Fortress’s assets under management and earnings over the past year.
As reported yesterday, Fortress Investment Group (NYSE:FIG) is shuttering Fortress Macro Funds and managed separate accounts. Compass Point reiterated a buy rating and set a $9.00 target price on shares of Fortress Investment Group in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company.
Shares of Fortress Investment Group LLC (NYSE:FIG) ended Monday session in red amid volatile trading. Credit Funds is a business, which make investments in assets.
Stuart Bohart, the president of Fortress’ liquid markets unit – which oversaw the macro fund – left earlier this year.
The flagship fund, which made bets on shifting macroeconomic trends, had lost investors more than 17 percent so far this year, as of the end of September.
