NEW YORK (TheStreet) -- Netflix (NFLX) had a rough year in 2011. The embattled video streaming firm saw shares tumble more than 75% after a series of blunders including mishandling a subscription price hike and confusing consumers with plans to split up the company's DVD-by-mail and subscription businesses.
CEO Reed Hastings, who took a $1.5 million pay cut after the company's turbulent year, was also named the worst CEO of the year by readers of TheStreet.
|Netflix CEO Reed Hastings|
It may come as little surprise, then, that several high-profile hedge funds, including SAC Capital and Renaissance Technologies, reduced their stakes in Netflix during the fourth quarter.
Here's a roundup of high-profile hedge fund managers who added to -- or decreased -- their positions in Netflix at the end of 2011.John Griffin, Blue Ridge Capital-- Blue Ridge, the biggest hedge fund holder of Netflix stock, with 2.4 million shares, added 337,000 shares to its position during the fourth quarter. John Thaler, JAT Capital Management -- The $3 billion global long-short hedge fund sold a whopping 1.9 million shares of Netflix to bring its position to 756,884. Barry Rosenstein, Jana Partners -- The activist hedge fund bought a new stake in Netflix, acquiring over 648,000 shares. James Simons, Renaissance Technologies -- The quant hedge fund sold 1.2 million shares of Netflix. It now holds 166,900 shares. Phil Gross, Adage Capital Partners -- The Boston-based firm added 19,000 shares during the quarter to end the year with 67,000 shares of the video streaming company. Steven Cohen, SAC Capital -- The Stamford, Conn.-based SAC reduced its stake in Netflix by over 594,00 shares, leaving the firm with 17,512 shares. David Shaw, D.E. Shaw--The hedge fund giant sold all of its 557,765 shares during the fourth quarter. --Written by Olivia Oran in New York.
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