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John Burbank Decreases Stake in Sungy Mobile By 28 Percent

July 23, 2014 | About:

Holly LaFon

273 followers

John Burbank (Trades, Portfolio) revealed that he decreased his shareholding of Sungy Mobile Ltd. (GOMO) by 28.5% in a filing dated July 17, according to GuruFocus Real Time Picks.

The manager of Passport Capital holds 669,448 shares of the company after the sell. He began reporting the position in the fourth quarter of 2013, when the price averaged around $17. In the last year, the stock is down by 20%, and closed at $10.62 per share on Tuesday. On the day Burbank reported increasing his stake, the stock closed at $10.50 per share.

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Sungy Mobile Ltd. is a China-based company that operates one global business and two domestic businesses focused on making apps and mobile platforms. The company has a $354.8 million market cap, and its stock debuted on the Nasdaq in December 2013.

In its first quarter results reported May 27, the company announced a 63% increase in total revenues to RMB96.7 million. Net income increased by 23.7% to RMB14.2 million from the prior year. Its first-quarter number of users of its GO series products increased by 64.3% to 401 million, and its total monthly active users of the products increased by 37%.

Revenue growth primarily resulted from the popularity of its mobile app products and services, up almost 88%, as the company boosted its user experience and global brand awareness.

In addition to its price dropping to near a one-year low, the companies P/B at 2.4 and P/S at 2.3 are also both near their one-year lows.

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