Eastman Kodak Co. (NYSE: KODK) shares jumped on Tuesday after it was disclosed that an investment firm took a sizable stake in the company. This isn’t the first time that Kodak has seen its stock take off this year, and although shares have pulled back sharply from their highs in late July, this gives some credence to the bulls.
According to the announcement, investment firm D.E. Shaw has taken a 5.2% stake in the company. In terms of the actual numbers, the investment house has taken 3.94 million shares of Kodak stock.
This accumulation was announced via a filing with the U.S. Securities and Exchange Commission.
Back in July, Kodak shares hit a multiyear high when the company announced that it had been awarded a government loan to help with the domestic production of pharmaceutical ingredients.
Originally, the U.S. International Development Finance Corporation was offering a $765 million long-term loan, but currently this loan on hold for government scrutiny.
Excluding Tuesday’s move, Kodak stock was up about 29% year to date, beating out both the Dow Jones industrial average and S&P 500. In the past 52 weeks, the stock was up closer to 148%.
Eastman Kodak stock traded up 45% or so early Tuesday at $8.45, in a 52-week range of $1.50 to $60.00. The consensus price target is just $1.00.
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