Billionaire Mark Cuban Reiterates Stake In Reading International Inc (RDIB)

Mark Cuban, the famous investor and television personality, is still dedicated to his investment in Reading International, Inc. (NASDAQ:RDIB). In a recent filing with the Securities and Exchange Commission, Cuban has reiterated his stake in the company: 207,611 Class B shares or 13.1% of the total Class B voting common stock. According to the same filing, Mr. Cuban also holds 72,164 class A nonvoting shares.

Reading International (RDI)

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A host of top hedge funds we track are also invested in Reading International, Inc. (NASDAQ:RDI), with Jim Simons‘ Renaissance Technologies holding the largest position: 629,100 shares, up by 24% during the first quarter of 2015. Whitney Tilson, the manager of T2 Partners, is also bullish on the stock, owning 371,106 shares as of the end of June.

The company is currently undergoing a change in management and is searching for a new Chief Executive Office (CEO). On June 15, Reading International’s Board of Directors has announced the appointment of Ellen M. Cotter as interim President and CEO, who had previously served as the senior operating officer of domestic operations. The company’s previous CEO, James J. Cotter, Sr., passed away in October 2014.

For the three months of 2015, Reading International, Inc. (NASDAQ:RDI) posted revenues of $60.6 million and earnings per share of $0.13, a significant decline from the $0.73 per share reported for the previous quarter. The stock is currently trading at a Price to Earnings (P/E) multiple of 9.xx, which is significantly lower than the industry average of 92.20. By mid-July, the stock had been in a positive trend and reaching a high of $14.22 before taking a battering in the last two weeks of July.

At the end of May, Mark Cuban has disclosed the liquidation of his stake in Rentrak Corporation (NASDAQ:RENT), a provider of consumer viewing and purchasing patterns for media and television companies. Cuban had sold 772,900 shares to a private party at $62.75 per unit. He holds 1.13 million shares of Vringo, Inc. (NASDAQ:VRNG), which account for 1.4% of the company’s common stock. Mark Cuban also owns several film distributors and providers of entertainment facilities through 2929 Entertainment, a media group which he co-founded. The group manages companies such as Magnolia Pictures and Landmark Theaters, entities Cuban had put up for sale back in 2011.

In 2008, the Securities and Exchange Commission filed a suit against Cuban for alleged insider trading with the shares of Mamma.com, now Copernic. Cuban pleaded not guilty and was acquitted in 2013 by a Texas Jury. He is also a critique of High Frequency Trading, which has sparked intense debate in the past couple of years.

Disclosure: none.