Penn Capital Unwinds $17.1 Million BGC Stake as Broker Posts 31% Revenue Surge

On Monday, Philadelphia-based Penn Capital Management Company disclosed a sale of 1,615,590 shares of BGC Group (NASDAQ:BGC), reducing its position by an estimated $17.1 million.Penn Capital Management Company, LLC trimmed its position in BGC Group by 1,615,590 shares in the third quarter, according to a U.S. Securities and Exchange Commission (SEC) filing released on Monday. The estimated value of the reduction, based on quarterly average pricing, was approximately $17.1 million. Following the trade, the fund reported holding 622,783 shares of BGC worth $5.9 million at quarter-end.The sale reduced the position to 0.5% of the fund’s reportable assets, from a prior level of 2% of AUM in the previous quarter.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool