Steve Cohen’s SAC Capital Acquires a 5% Stake in OpenTable

Steve Cohen’s SAC Capital Acquires a 5% Stake in OpenTable
See page for author [Public domain], via Wikimedia Commons

According to a 13D just filed with the Securities and exchange Comission (SEC), Steve Cohen’s S.A.C. Capital Advisors, L.P.’s have acquired a 5.1% stake in OpenTable Inc (NASDAQ:OPEN). This appears to be a new position for Steve Cohen’s hedge fund. OpenTable Inc (NASDAQ:OPEN) currently has a market capitalization slightly over $1 billion. S.A.C. Capital Advisors, L.P.’s is worth approximately $50 million. As we have reported in several previous articles, S.A.C. Capital Advisors, L.P. has acquired small stakes in numerous companies. Most of the position sizes are in the range of 5% of shares outstanding.

Steve Cohen's SAC Capital Acquires a 5% Stake in OpenTable

OpenTable is scheduled to report Q3 results on November 1st. Piper Jaffary Analyst, Michael J. Olson,  expects a continuation of flattish industry diner trends will lead to an in-line quarter. Olson  believes that OpenTable Inc (NASDAQ:OPEN) has the  ability to take share from traditional reservation taking methods. Restaurant customer monthly churn remains near 1%, which he believes demonstrates the value proposition of OpenTable Inc (NASDAQ:OPEN)’s solution.

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For the six months ended 30 June 2012, OpenTable Inc (NASDAQ:OPEN) revenues increased 16% to $78.9M. Net income increased less than 1% to $10.6M. Revenues reflect North America Segment increase of 18% to $68.2M, International Segment increase of 8% to $10.7M, United States segment increase of 18% to $64.1M, International-All others segment increase of 23% to $6.4M, United Kingdom segment increase of 2% to $8.4M. Net income reflects International Segment loss decrease of 19%.

Disclosure: No position in OpenTable Inc (NASDAQ:OPEN)

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