Armistice Capital and Others Hone In on Hospitality-Related, Small Appliance and Other Investments

Hedge funds and other entities have invested in companies that operate in a wide array of industries in recent months.

Within the consumer packaged goods sector, investors have snapped up shares of the Simply Good Foods Company — which a number of research organizations have expressed optimism about this year.

Needham & Company LLC restated its “buy” rating for the packaged food and beverage provider in late June and set a $41.00 target price for its shares. DA Davidson upped its target price for the company’s stock from $35 to $38 in July, Defense World said in October.

With offices in Colorado, California and Arkansas, the Simply Good Foods Company supplies snacks and meal replacements both in North America and internationally — including protein bars, shakes, cookies, and other items. In addition to its Quest line, featuring lower net carbs and sugar, the company offers Atkins brand items, which relate to the low-carb method of dieting.

Some of the investors that have augmented their Simply Good Foods Company share totals this year include AQR Capital Management LLC, which increased the amount it owns by more than 65% in the second quarter of 2024 — adding 7,071 shares to its pre-existing 17,897.

Champlain Investment Partners LLC grew its amount of shares by more than 27% through an 854,550-share purchase, raising its total shares of the company’s stock to 3,939,494 shares, valued at approximately $134,061,000.

Victory Capital Management Inc.’s position in the Simply Good Foods Company increased by 107% after buying an additional 475,928 shares in the second quarter, according to Defense World. The investment management firm now owns 920,802 shares of the company’s stock.

Marshall Wace LLP upping its position even more — by 276.4% — when it bought 393,720 shares of stock, resulting in an ownership of 536,174 shares.

Global value-oriented and event-driven hedge fund Armistice Capital LLC obtained a new position in the food and beverage company, purchasing shares worth an estimated $34,582,000 during the second quarter.

An Interest in Lodging and Other Assets

Within the real estate sector, companies such Ryman Hospitality Properties, Inc. have been the focus of investment activity this year.

The majority — roughly 95% — of Ryman Hospitality's stock is currently owned by institutional investors, Defense World said on Oct. 9; the company’s name reflects one of the properties in its portfolio — the Ryman Auditorium, a National Historic Landmark located in Nashville, Tennessee.

Ryman Hospitality specializes in upscale convention center resorts and entertainment experiences. Its holdings include five of the top seven largest non-gaming convention center hotels in the U.S., in terms of total indoor meeting space — the Gaylord Opryland Resort & Convention Center, Gaylord Palms Resort & Convention Center, Gaylord Texan Resort & Convention Center, Gaylord National Resort & Convention Center, and Gaylord Rockies Resort & Convention Center.

Ryman’s also owns the JW Marriott San Antonio Hill Country Resort & Spa and has a 70% controlling ownership interest in Opry Entertainment Group — which encompasses prominent country music brands such as the Grand Ole Opry and iconic radio station WSM 650 AM.

Hedge funds that have recently altered the amount of Ryman Hospitality shares they own include Armistice Capital, which grew its position in the lodging and hospitality real estate investment trust in the second quarter of 2024 with a 35,319-share purchase of its stock. The more than 142% increase brought Armistice Capital’s total number of shares to 60,063, with an estimated value of $5,998,000.

Point72 Asia Singapore Pte. Ltd. added 560 more shares, resulting in an ownership of 1,514 Ryman Hospitality shares — a 58.7% increase. Its shares offered a value of approximately $151,000, according to Defense World.

Land & Buildings Investment Management LLC and Xponance Inc. also boosted the scope of their investment in the lodging and entertainment organization during the second quarter. Land & Buildings Investment Management obtained 41,160 more shares, a 26.4% increase, and now owns 197,186 shares.

Following Xponance’s purchase of 162 shares of Ryman Hospitality’s stock, Defense World said the asset management and investment firm’s ownership reached 3,714 shares — 4.6% more than it had owned before.

Kitchen, Floor Cleaning and Other Devices

In addition to the Simply Good Foods Company and Ryman Hospitality Properties, Inc., SharkNinja — which Yahoo Finance classifies as being within the furnishings, fixtures and appliances industry, part of the larger consumer cyclical sector — has attracted investments from several institutional sources.

Armistice Capital increased its shares of the company, which offers a variety of cleaning device and other products, by nearly 70% in the fourth quarter with the purchase of 228,012 additional shares — bringing its total amount to 555,012 shares, according to MarketBeat.

A number of investors acquired a new position in SharkNinja during the quarter — including Seven Eight Capital LP, whose shares were valued at about $564,000. The stock Parallel Advisors LLC bought totaled roughly $37,000; and Ghisallo Capital Management LLC obtained a stake in the company during the fourth quarter with an approximate value of $2,661,000.

In October, MarketBeat said institutional investors currently own 34.77% of SharkNinja’s stock.

The company, which is headquartered in Massachusetts, provides products that range from corded and cordless vacuums to steam mops, hair dryers, humidifiers, blenders, air fryers and other cooking appliances.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes