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.
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.