Nutanix Inc NTNX shares are getting enough support to reverse the first two days of the current weekly loss of about 16 percent. The reversal of fortune comes on the heels of disclosure of stake by hedge funds.
On Tuesday, Wellington Management disclosed that it had 16.8 percent passive stake in Nutanix in a filing of Form 13G. Similarly, OZ Management and Fidelity Management and Research disclosed their stakes of 5.85 percent and 41.6 percent respectively.
The company came out with its IPO of 14.0 million shares at a price of $16.00 a share on September 29, and the stock was listed on September 30. On the opening day, the stock traded between $26.10 and $39.40.
In the following week, the stock hit a high of $46.78 and since then the stock dropped about 28 percent. However, it was still trading double the IPO price of $16.
In the first two days of the current week, the stock shed 16.09 percent. However, on Wednesday, the stock reversed the negative trend to post a gain of $1.45, or 4.53 percent, to $33.46 at last check.
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