Always fun to guess when they might have acquired the bulk of these shares. Although they recently downgraded to neutral,their prior upgrade to buy was on January 30th. Take a look at the chart a month prior to January 30th (price running from 17 to 22) and a month following January 30th, price running from 22 to 25) with spikes of 14 million share volume days Jan. 8th & Feb. 27th.
Regulation 13G was adopted to ease the beneficial ownership requirements for "passive investors." In lieu of filing a Schedule 13D, a passive investor whose beneficial ownership exceeds five percent (5%) of any registered security may file a Schedule 13G. A "passive investor" is defined as any person who can certify that they did not purchase or do not hold the securities for the purpose of changing or influencing control over the issuer and hold no more than twenty percent (20%) of the issuer's securities.
Passive investors choosing to file a Schedule 13G must do so within ten (10) calendar days after crossing the five (5%) percent threshold. Unlike Schedule 13D which requires an amendment to be filed upon every one (1%) percent change in ownership, Schedule 13G requires amendments to be filed promptly after more than five (5%) percent changes in position. Passive investors must also amend their Schedule 13G within forty-five (45) days after the end of the calendar year to report any changes in the information previously reported.
A hedge fund manager who is registered as an investment adviser with either the U.S. Securities and Exchange Commission or under the laws of any state is a "Qualified Institutional Investor." As a Qualified Institutional Investor, the manager may file Schedule 13G within forty-five (45) days after the end of the calendar year in which the fund's beneficial ownership exceeded five percent (5%).
That actually may be a good thing for shorts because Goldman knows how to make money and they are never the last man out of a bad stock. So its safe to bet, 12% of this stock will be on the blocks very soon.
So you are saying you like Goldman holding it because you think they will sell? I can see the logic there, but I can also see them saying they can risk to hold on, because they have already made so much and any retreat now would be worth them holding as it would be a fine tax play.