NEW YORK (Reuters) - Leon Cooperman, chief executive of hedge fund Omega Advisors, said Wednesday that Groupon Inc (GRPN.O) was worth up to 50 percent more than its current share price.
“The stock seems mispriced. ... We think it’s worth 40-50 percent more than it’s trading,” Cooperman told cable television network CNBC. He said the internet coupon company’s business was turning around.
Groupon was up 3.4 percent at $7.07 in early afternoon trading. Cooperman’s Omega hedge fund took an 8.8 million share stake in Groupon in the third quarter, a regulatory filing on Nov. 14 showed.
Reporting by Sam Forgione; Editing by Richard Chang