Shares of Eastman Kodak (NYSE: KODK) surged on Monday after a Securities and Exchange Commission (SEC) filing revealed hedge fund D.E. Shaw had purchased a 5.2% stake in the embattled company. As of 11:33 a.m. EDT, Kodak's stock was up 30% after rising as much as 65% earlier in the day.
D.E. Shaw purchased more than 3.9 million Kodak shares, currently valued at roughly $30 million. The investment firm's stake is said to be passive in nature.
Eastman Kodak stock rallied on Tuesday on news that D.E. Shaw purchased nearly 4 million of its shares. Image source: Getty Images.
Source Fool.com