$ALJ Billionaire Steve Cohen's new trade
Well-known hedge fund manager Steve Cohen disclosed he bought 2.69 mln new shares of Alon USA Energy ($ALJ), an independent refiner in #13G filing on 7/15. He increased his stake to 3.81 mln sh, 5.4% ownership, a 240% increase.
Why did he make this trade now?
- $ALJ has declined 56% YTD
- $ALJ only traded 6.7% above 52 wk low.
- Stock chart seems to form a double bottom indicating a possible bottom may have been reached.
Cohen's trade is most likely a bargain hunting trade.
To find out more who are the hedge fund holders of $ALJ, go to https://hedgemind.com/stocks/ALJ
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