OCZ Technology Group Inc. (NASDAQ:OCZ) shares up by 5.52%


Dallas, Texas 07/02/2013 (Financialstrend) – Shares of OCZ Technology Group Inc. (NASDAQ:OCZ) gained by 5.52 percent to close at $1.53 on Monday. The shares had recorded an intraday high of $1.57 per share and intraday low of $1.47 per share during the day. With last trading session, shares of OCZ Technology Group Inc. (NASDAQ:OCZ) had 52 week high of $7.67 and 52 week low price of $1.11 per share.

OCZ Technology Group Inc. (NASDAQ:OCZ) had been trading with huge volumes at 1.30 million shares on Monday, while the average level of trading in the company is only 1.42 million shares per day. With 67.65 million shares outstanding in the market, OCZ Technology Group Inc. (NASDAQ:OCZ) presently has a market cap of $103.51 million and an institutional ownership at 26 percent of total capital.

OCZ Technology Group Inc. (NASDAQ:OCZ) manufactures, designs and distributes Solid-State Drives and computer components. The main aim of the Company is to focus on two markets namely the storage area network (SAN) acceleration/replacement market and hard disk drive (HDD) replacement format market.

The company had announced recently that according to the company’s financial restatement, it had reached an in-principle settlement of derivative litigation mounted by shareholders. At the end of the first quarter, there are totally five hedge funds with a change of -29 percent from the previous quarter. Of the funds AQR Capital Management by Cliff Asness had the largest position in OCZ worth close to $0.6 million which includes less than 0.1 percent of its total 13F portfolio. There was a certain group of hedgies who decided to sell off their positions entirely in Q1 as they were all facing a falling interest from hedge fund managers. Suprisingly, Jeffrey Vinik’s Vinik Asset Management dropped the largest stake which comprised about $6.3 million in stock as “upper crust”. Matthew Hulsizer’s fund, PEAK6 Capital Management, also cut its call options, about $0.1 million worth and as aggregate hedge fund interest dropped by 2 funds in Q1.