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Steve Cohen just got into a stock that has been nailing hedge funds this summer

Billionaire investor Steve Cohen's family office, Point 72 Asset Management, has taken a 5.1% stake in SunEdison, a solar energy manufacturer, according to government filings.

The stock popped briefly in after-hours trading when the news broke on Monday, but has since reversed course. It is now down 47% since the beginning of the year.

SunEdison started plunging in July, blowing a hole in portfolios across Wall Street.

Greenlight Capital's David Einhorn wrote that it was his fund's "biggest loss" in a Q2 letter to investors.

And on the company's conference call last month Omega Advisors' Leon Cooperman asked if SunEdison executives would buy back stock to support the share price.

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Their answer was no.

sunedison
sunedison

(Yahoo Finance, Business Insider)


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