As recently as last week, Odey Asset Management was slated to be a buyer of shares, increasing its stake in Plus500 (LON:PLUS) by 1,605,000 shares to a 14.09% stake in the online CFD and forex broker.
On May 15, 2015, shares of Plus500 were trading at 750p – the subsequent bloodletting last week saw shares plunge to a 52-week low of 198p, rescinding the 200p handle for the first time since 2013 on the back end of a trading suspension that further eroded investor confidence. However, the shares have bounced higher to start off a shortened trading week week, which is now threatening the 300p level.
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While one man’s trash is another man’s treasure, Odey Asset Management increased its stake in Plus500 for the second time in as many weeks, thus swelling its overall shares by 2,460,962 to 21,206,597, good for roughly 18.46% stake in the broker, according to a recent regulatory filing issued today. At the time of writing, shares of Plus500 rebounded to 278p, having stalled recently at the 295p level.