Einhorn Cuts Stake in Consol After Coal Miner Slumped 50%
(Bloomberg) -- Activist investor David Einhorn has reduced his stake in Consol Energy Inc. after the coal miner slumped 50% last year.
Einhorn’s hedge fund Greenlight Capital and other entities connected to him disclosed a 10% stake in Consol, according to a filing. That’s down from an earlier 11.8% stake.
Consol shares gained 12% to $9.12 at 12:29 p.m. in New York, the highest since June.
The investor cited Consol as one of its best performing investments in 2018. Its shares have increased by more than 85% since moving in October to simplify its ownership structure.
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