Friday, June 28, 2013

Gabelli Ups Gentiva Stake at Bad Time

NASDAQ reported:

Mario Gabelli increased his holdings in Gentiva Health Services ( GTIV ) by 8.96% on June 13. Gabelli purchased a total of 73,400 shares at an average price of $11.50 per share. Since this transaction, the price per share has decreased approximately 10% and is currently trading around $10.39 per share. Gabelli now owns 892,300 shares of Gentiva, representing approximately 3.1% of the company's shares outstanding. Gabelli's holding history of Gentiva as of March 31.
This conflicts with a June 21 SEC filing showing Gabelli owns 5.2% or 1.6 million shares of Gentiva.  Gabelli funds lost nearly $2.5 million today.

Update 7-9-13:  Gabelli spoke on CNBC at the noon hour.  No mention of his untimely investment in Gentiva.

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