Pandora Spikes After Tiger Global Reveals Stake

Shares of Internet radio company Pandora (NYSE: P) were nearly three percent higher on Thursday after the 13F filing from Chase Coleman's Tiger Global revealed that the hedge fund had bought 8.45 million shares.

Tiger Global is primarily a value investing hedge fund, buying shares in companies that the fund believes are undervalued. Tiger Global took a stake in Groupon (NASDAQ: GRPN) back in November, when shares were near $3. Now trading around $6, Tiger Global has nearly doubled its investment in only a few months.

Evidently, Tiger Global sees similar value in Pandora. Shares of Pandora have been battered since the company went public. The Internet radio company has consistently bled money while rumors of a soon-to-be-launched Apple (NASDAQ: AAPL) radio service have hurt shares from time to time.

Pandora shares traded near $12.50 on Thursday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.