Why Party City Investors Were Partying on Monday

Shares of Party City Holdco (NYSE: PRTY) climbed sharply higher Wednesday, jumping as much as 10.2%, before ending the day up 7.4%.

The catalyst that sent the party-goods specialist higher was a significant additional investment by a hedge fund.

A regulatory filing released after the market close on Friday revealed that Clifford Sosin, investment manager at CAS Investment Partners, had increased his stake in the party supplier by a wide margin. Sosin acquired 470,000 shares of Party City stock at about $5.32 per share, increasing his stake by roughly $2.5 million.

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Source Fool.com