If you were to check the top gainers on the stock market today, you would probably see Straight Path Communications Inc (NYSEMKT:STRP) as one of the leaders. This soaring price is more than likely caused by a favorable ruling by the US Court of Appeals. They reversed a decision previously made by the USPTO Appeal Board, regarding one of the company’s patent for Point-to-Point Internet Protocol.
The case, which saw Sipnet EU up against Straight Path, has now been remanded back for further action.
The stock is up 30.24% or $2.9 after the positive news, hitting $12.49 per share. About 2.99 million shares traded hands or 187.50% up from the average. STRP has declined 55.31% since April 23, 2015 and is downtrending. It has underperformed by 54.19% the S&P500.
The institutional sentiment increased to 2.79 in Q2 2015. Its up 1.83, from 0.96 in 2015Q1. The ratio is positive, as 7 funds sold all Straight Path Communications Inc shares owned while 12 reduced positions. 30 funds bought stakes while 23 increased positions. They now own 3.84 million shares or 34.61% more from 2.85 million shares in 2015Q1.
Farmstead Capital Management Llc holds 1.49% of its portfolio in Straight Path Communications Inc for 90,312 shares. Tcs Capital Management Llc owns 76,500 shares or 1.27% of their US portfolio. Moreover, Archer Capital Management L.P. has 0.93% invested in the company for 223,397 shares. The New York-based National Asset Management Inc. has invested 0.83% in the stock. Thompson Davis & Co. Inc., a Virginia-based fund reported 13,750 shares.
Since March 18, 2015, the stock had 0 insider buys, and 3 sales for $543,098 net activity. Pi Zhouyue sold 77 shares worth $3,128. Jonas Davidi sold 6,000 shares worth $240,000. Weld William F sold 8,000 shares worth $161,215.
Straight Path Communications Inc. is a communications asset company. The company has a market cap of $143.09 million. The Company’s businesses consist of interest in Straight Path Spectrum, Inc. and Straight Path IP Group, Inc. (Straight Path IP Group). It currently has negative earnings. The Firm has two business divisions: Straight Path Spectrum, which holds, leases and sells fixed wireless spectrum, and Straight Path IP Group, which holds intellectual property primarily related to communications over the Internet and the licensing and other businesses related to this intellectual property.