Three Bays Capital Trims Cypress Semiconductor Holdings ~ market folly

Tuesday, September 6, 2016

Three Bays Capital Trims Cypress Semiconductor Holdings

Matthew Sidman's hedge fund Three Bays Capital has filed an amended 13D regarding its position in Cypress Semiconductor (CY).  Per the filing, Three Bays owns 7% of the company with 22.53 million shares.  This includes 7 million shares underlying call options.

This is a slight decrease compared to the net position they owned at the end of the second quarter.  The 13D disclosed their most recent transactions where they bought 168,373 shares on July 11th but then sold shares on July 19th and August 30th (500,000 total shares at prices of $11.34 and $11.71).

Prior to founding Three Bays in 2013, Sidman worked at Highfields Capital.

Per Google Finance, Cypress Semiconductor is "delivers solutions from automotive, industrial and networking platforms to interactive consumer and mobile devices. The Company's segments include Programmable Systems Division, Memory Products Division, Data Communications Division and Emerging Technologies Division. The Programmable Solutions Division designs and develops solutions for end-product manufacturers. The Memory Products Division designs and manufactures portfolio of high-performance memories for embedded systems. The Data Communications Division focuses on solutions for industrial, handset and consumer applications. The Emerging Technologies Division consists of its subsidiaries, AgigA Tech, Inc. and Deca Technologies, Inc. Its product portfolio includes NOR flash memories, Traveo microcontrollers, programmable system-on-chip solutions, CapSense capacitive touch-sensing controllers, and Wireless Bluetooth Low-Energy and universal serial bus (USB) connectivity solutions."

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