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Berger: green shoots for wilting hedge fund
With a group of new clients there could be renewed life in Och-Ziff Capital Management Group, according to Serge Berger, better known as The Steady Trader.
After a difficult year, the hedge fund stock had fallen around 30 percent from its peak. Recently though, the company earned USD 3.6 billion in new clients and capital, making the total value of assets under management USD 43.6 billion as of May 1st.
This additional capital helped the company exceed Wall Street’s estimates for the first quarter. Analysts anticipated earnings of 16 cents per share, well below the 25 cents per share the company actually reported. Quarterly profit was still down for the same period.
Serge points out that there are two key resistance levels at the 50 & 100 day moving averages. If the stock can push past these two resistance levels he is looking to buy at USD 13.10. His target is placed at USD 14.00, with a stop at USD 12.40.
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01:25 minutes
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