David Einhorn's Greenlight takes on stakes in Office Depot and Abercrombie

David Einhorn speaking at the 2017 SOHN Conference in New York on May 8th, 2017.
Heidi Gutman | CNBC
Key Points
  • David Einhorn's Greenlight has taken new stakes in retailers while selling holdings of others.
  • New stakes include Office Depot, Abercrombie and Sprouts and dissolved stakes include Under Armour, Best Buy and Nordstrom.
David Einhorn, founder of Greenlight Capital.
Adam Jeffery | CNBC

David Einhorn's Greenlight Capital took sizable new stakes in the beaten down retailer Office Depot as well as the clothing retailer Abercrombie & Fitch during the first quarter, according to a regulatory filing.

The hedge fund reported holding 2.1 million shares of Office Depot and 212,500 shares of Abercrombie. It also reported new holdings of IAC Interactive (249,700 shares) and PayPal (67,000). In contrast, Carl Icahn exited out of the remaining 8 million shares of PayPal he had, a position he has been cutting since last year.

Greenlight also exited a number of retailers during the quarter, dissolving a 452,500 share stake in Under Armour, a 104,700 stake in Best Buy, and 126,000 share stake in Nordstrom.

Office Depot shares are down 33 percent this year, while shares of Abercrombie are up more than 48 percent.