This year has been one for the record books. A prolific pandemic, crippling economic downturn, civil unrest, and one of the most contentious presidential election cycles in recent history. However, for digitally-based businesses, the pandemic has been somewhat more manageable, as quarantined consumers continue to favor online shopping. In fact, some companies have seen strong operational developments through 2020, despite the headwinds.
One company that has continued to see strong growth is Mohawk Group Holdings, Inc. (NASDAQ: MWK), who just saw eight new institutions become shareholders as of the end of second quarter 2020.
Billionaire Jim Simons’ Renaissance Technologies Accounts For Largest New Institutional Position in MWK
Mohawk Group has seen strong interest from institutions in 2020, according to the latest data from June 30, 2020. In fact, $80 billion quant hedge fund Renaissance Technologies, which was founded by billionaire Jim Simons in 1982, has initiated the largest new institutional position in Mohawk Group Holdings, as of the end of Q2 2020. Jim Simons has a net worth of $23.5 billion, according to Forbes as of October 2020.
According to 13F filings, Renaissance Technologies initiated a 174,900-share position in Mohawk Group, which instantly makes the quant hedge fund the third largest institutional shareholder of the company.
New institutional investors to Mohawk Group (as of June 30, 2020):
- Renaissance Technologies – 174,900 shares
- National Asset Management, Inc. – 133,175 shares
- Millennium Management, LLC – 16,688 shares
- Geode Capital Management, LLC – 15,930 shares
- Virtu Financial, LLC – 10,042 shares
- Bank of America – 365 shares
- Barclays PLC – 35 shares
- JPMorgan Chase – 2 shares
BlackRock, Inc. Increases Stake in MWK Over 133%
While Renaissance Technologies may be the biggest new institutional shareholder of Mohawk Group, the world’s largest asset manager threw meaningful support behind the company as of the end of June 2020. BlackRock maintains $7.4 trillion in assets under management, giving the firm the title of the world’s largest asset manager.
At the end of June 2020, BlackRock increased its position in Mohawk Group Holdings by 133.41% to 27,960 shares. The asset manager previously had a position of 11,979 shares, before disclosing that it has purchased an additional 15,981 shares at the end of June 2020.
The latest share accumulation makes BlackRock the seventh largest institutional shareholder of Mohawk Group. With BlackRock’s closest competitor, Vanguard, holding 165,660 shares of MWK and in the fourth largest institutional shareholder position, one could speculate that BlackRock could have some more room to expand its holdings of Mohawk Group.
Overall, Mohawk Group has experienced an operational breakout in 2020, as hard-work and growth efforts have converged. In fact, the Financial Times ranked Mohawk Group as the 114th out of 500 fastest growing company across the Americas’. It is not surprising to see well-known and respected institutional firms beginning to take notice and adding positions in the next-gen consumer packaged goods company.
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