We break down the stocks Dan Loeb (Third Point) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on May 15, 2025.
Who are Dan Loeb and Third Point?
Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Dan Loeb, known for his sharply worded letters to underperforming company executives. The firm has generated annualized returns of approximately 15% since inception through opportunistic investments across equities, corporate credit, structured credit, and venture capital. Loeb's approach combines fundamental analysis with shareholder activism, pushing for strategic changes in target companies to unlock value through operational improvements, financial restructuring, or corporate governance reforms.
Thirdpoint.com
Wikipedia on Dan Loeb
Read Third Point's monthly reports
Portfolio Changes in Q1 2025
New Positions
Third Point established eleven new positions in Q1 2025, with the largest investments in Kenvue Inc. (KVUE) ($213M), S&P 500 ETF PUT options ($184M), NVIDIA Corporation (NVDA) ($157M), CoStar Group (CSGP) ($156M), United States Steel (X) ($153M), along with positions in Casey's General Stores (CASY), Talen Energy (TLN), AT&T (T), RB Global (RBA), SharkNinja (SN), and Pinterest (PINS).
Bought
The firm significantly increased its stakes in Apollo Global Management (APO) (+275%) and Membership Collective Group (SHCO) (+121%), while making smaller additions to PG&E Corporation (PCG), Telephone and Data Systems (TDS), Live Nation Entertainment (LYV), Primo Brands (PRMB), Capital One Financial (COF), Discover Financial Services (DFS), and Flutter (PDYPF).
Sold
Third Point completely liquidated positions in Danaher Corporation (DHR), Meta Platforms (META), Ferguson plc (FERG), Tesla (TSLA), Thermo Fisher Scientific (TMO), Workday (WDAY), Cinemark Holdings (CNK), and Clear Channel Outdoor Holdings (CCO), while significantly reducing Intercontinental Exchange (ICE) (-47%), Microsoft (MSFT) (-47%), and Amazon.com (AMZN) (-32%), with smaller cuts to Brookfield Corporation (BN), Jacobs Engineering Group (J), Vistra Corp. (VST), and LPL Financial Holdings (LPLA).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| KVUE | Kenvue Inc. | 3.3% | NEW | $213,422,000 |
| SPY | S&P 500 ETF | 2.8% | NEW | $184,478,085 |
| NVDA | NVIDIA Corporation | 2.4% | NEW | $157,151,000 |
| CSGP | CoStar Group, Inc. | 2.4% | NEW | $156,479,250 |
| X | United States Steel Corporation | 2.3% | NEW | $153,192,500 |
| CASY | Casey's General Stores, Inc. | 2.0% | NEW | $130,212,000 |
| TLN | Talen Energy Corporation | 1.8% | NEW | $116,806,950 |
| T | AT&T Inc. | 1.6% | NEW | $105,637,713 |
| RBA | RB Global | 1.5% | NEW | $95,285,000 |
| SN | SharkNinja, Inc. | 0.7% | NEW | $45,875,500 |
| PINS | Pinterest, Inc. | 0.5% | NEW | $31,000,000 |
Kenvue Inc. KVUE
Dan Loeb bought 8,900,000 shares of Kenvue Inc. in Q1 2025. Kenvue Inc. (KVUE) has faced mixed performance over the last 12 months, with 0.07% revenue growth in 2024 and a 38.1% decline in earnings, reflecting margin pressures. While organic sales grew 1.7% in Q4 2024, foreign currency headwinds and weak demand in segments like pediatric pain care offset gains. The stock trades at a 728% premium to Morningstar's fair value estimate of $11.80, though analysts project a 9.18% upside to $25.33.
- EPS declined 38.1% year-over-year in 2024 despite meeting profit commitments.
- Dividend yield of 4.01% (trailing) offers income appeal in volatile markets.
- 12-month analyst price target of $25.33 implies 9.18% potential return from current levels.
S&P 500 ETF SPY
Dan Loeb bought 330,000 shares of S&P 500 ETF in Q1 2025. The S&P 500 ETF has delivered strong performance with a 15.3% 5-year annualized return, outperforming many active funds. It maintains a competitive edge through its ultra-low 0.03% expense ratio, one of the cheapest in the S&P 500 ETF space. Recent market inflows into passive index strategies and the ETF's 6.97% 1-month return suggest continued investor confidence in large-cap US equities.
- 15.3% 5-year annualized return through April 2025, matching S&P 500 index performance.
- Expense ratio of 0.03% vs industry average of 0.0945%, saving $64.50 annually per $10k invested.
- 6.97% total return over the last month, outperforming 92% of sector-specific ETFs.
NVIDIA Corporation NVDA
Dan Loeb bought 1,450,000 shares of NVIDIA Corporation in Q1 2025. NVIDIA Corporation has demonstrated strong earnings growth of 130% in fiscal 2025 despite recent stock volatility, with shares declining 7.8% over the last six months before rebounding 17.37% in the past month. While the stock trades near recent valuation lows with a forward P/E of 29, analysts project upside potential driven by AI leadership and upcoming catalysts. Recent trade war developments and AI demand have positioned NVIDIA as a key beneficiary in semiconductor markets.
- Forward P/E ratio declined 25.6% from 39 to 29 since last year.
- Analysts project 43.5% earnings growth in FY2026 followed by 26.8% in 2027.
- Shares gained 17.37% in the past month amid trade war de-escalation news.
CoStar Group, Inc. CSGP
Dan Loeb bought 1,975,000 shares of CoStar Group, Inc. in Q1 2025. CoStar Group has demonstrated robust revenue growth of 12% year-over-year in Q1 2025, driven by its leadership in real estate analytics. However, the company's Q1 earnings per share fell short of expectations, reflecting increased investments in expansion. Despite trading near the lower end of its 52-week range at $75.18, analysts project a 16.65% upside to the average target price of $87.70, supported by strong free cash flow and a forward P/E ratio of 56.45 indicating high growth expectations.
- Q1 2025 revenue grew 12% year-over-year to $732.2 million.
- Q1 2025 net income declined 59% to $29.2 million, leading to an EPS miss.
- Stock trades at $75.18, near 52-week low, with a 16.65% upside to the average target of $87.70.
United States Steel Corporation X
Dan Loeb bought 3,625,000 shares of United States Steel Corporation in Q1 2025. United States Steel Corporation has faced significant financial challenges over the past 12 months, with a net loss of $116 million in Q1 2025 compared to net earnings of $171 million in Q1 2024. Full-year 2024 results showed net earnings of $384 million, but recent quarters reflect declining revenues and profitability due to operational headwinds and market pressures. The company’s Mini Mill segment and European operations show potential for recovery, but near-term performance remains volatile.
- Q1 2025 EPS declined to -$0.52 from $0.68 in Q1 2024, with adjusted EPS at -$0.39.
- Revenue fell 10.4% YoY in Q1 2025 to $3.727 billion, down from $4.160 billion.
- Adjusted EBITDA dropped 58% YoY in Q1 2025 to $172 million, below the $414 million prior-year figure.
Casey's General Stores, Inc. CASY
Dan Loeb bought 300,000 shares of Casey's General Stores, Inc. in Q1 2025. Casey's General Stores (CASY) has demonstrated steady growth over the past year, driven by a 3.7% year-over-year increase in same-store sales and an 8.0% two-year stacked growth. The company reported Q3 2025 revenue of $3.904 billion, surpassing estimates, while maintaining a strong inside margin of 40.9%. Recent acquisitions and strategic focus on high-margin offerings position the company for continued expansion.
- Diluted EPS of $2.33 in Q3 2025, flat YoY but beating analyst estimates by 16.5%.
- Inside same-store sales rose 3.7% YoY, with 40.9% margin underscoring operational efficiency.
- RBC Capital price target of $438 implies 8.88% upside from current levels, reflecting confidence in growth strategy.
Talen Energy Corporation TLN
Dan Loeb bought 585,000 shares of Talen Energy Corporation in Q1 2025. Talen Energy demonstrated mixed performance over the last 12 months, with 644.78% earnings growth to $998 million in 2024 offset by a 15% revenue decline to $2.07 billion. The company reported a Q1 2025 net loss of $135 million but maintains strong liquidity of $1.2 billion and strategic agreements positioning it for future cash flows. Recent value drivers include 22% share repurchases, long-term power contracts, and analyst confidence with an average Strong Buy rating.
- Adjusted EBITDA grew to $770 million in 2024, exceeding guidance midpoints.
- Secured RMR agreements worth $180M/year through 2029 starting June 2025.
- Analyst price target of $241.36 implies modest downside despite Strong Buy consensus.
AT&T Inc. T
Dan Loeb bought 3,775,000 shares of AT&T Inc. in Q1 2025. AT&T Inc. has demonstrated mixed performance over the last 12 months, with its stock price declining 2.76% over the past 30 days but supported by a high dividend yield of 5.8%. The company is advancing its 5G and fiber optic expansion, which analysts project could drive growth to $32.75 by mid-2025. However, competitive pressures from T-Mobile and Verizon, coupled with high debt obligations, remain headwinds.
- Dividend yield of 5.8% with consistent quarterly payments of $0.2775 per share.
- Stock price declined 2.76% over the past 30 days, closing at $26.45 on May 13, 2025.
- Analysts forecast a potential mid-2025 price target of $32.75, driven by 5G and fiber investments.
RB Global RBA
Dan Loeb bought 950,000 shares of RB Global in Q1 2025. RB Global (RBA) has seen mixed performance over the last 12 months, with a 34.71% stock price increase year-to-date despite recent quarterly volatility. While Q1 2025 gross transaction value declined 6% year-over-year to $3.8B, revenue grew 4% to $1.1B, demonstrating operational resilience. The company maintains its 2025 guidance with 0-3% GTV growth and $1.32-1.38B adjusted EBITDA, supported by strategic cost controls and long-term growth investments.
- Stock price increased 34.71% over the past year despite recent pullback from $105.94 to $104.17 in May 2025.
- Q1 2025 revenue grew 4% despite 6% GTV decline, showing improved monetization.
- 2025 EBITDA guidance of $1.32-1.38B suggests 11-16% growth from 2024's $1.18B net income.
SharkNinja, Inc. SN
Dan Loeb bought 550,000 shares of SharkNinja, Inc. in Q1 2025. SharkNinja, Inc. demonstrated strong growth over the past 12 months, with 30% net sales growth in 2024 and 14.7% YoY revenue growth in Q1 2025, driven by global expansion and product innovation. The company improved its gross margin by 320 basis points in 2024 and maintained a robust balance sheet with $225 million cash and low leverage (0.6x net debt/EBITDA). Recent tariff-related inventory pre-builds and manufacturing diversification initiatives position it to navigate supply chain challenges while sustaining growth momentum.
- Adjusted EBITDA grew 32.2% to $951.1 million in 2024, representing 17.2% of adjusted net sales.
- Q1 2025 inventories surged 30% YoY ($973M), with half attributable to strategic tariff mitigation measures.
- 2024 operating income jumped 72.4% to $644.2 million, fueled by scale efficiencies and pricing discipline.
Pinterest, Inc. PINS
Dan Loeb bought 1,000,000 shares of Pinterest, Inc. in Q1 2025. Pinterest, Inc. (PINS) has faced a challenging year, with shares declining 21.5% over the past 12 months amid macroeconomic headwinds and insider selling. However, the company has shown resilience in 2025, delivering 16% revenue growth and a 10% increase in monthly active users (MAUs) to a record 570 million in Q1, buoyed by advertiser budget shifts toward its European markets due to rising tariffs. Trading at a forward P/E of 16x—a steep discount to its historical average—the stock appears undervalued despite improving fundamentals.
- Revenue grew 16% YoY in Q1 2025 (17% constant currency), with MAUs reaching a record 570 million.
- Stock surged nearly 5% post-earnings as adjusted EPS of $0.23 and net income of $35 million reversed prior losses.
- Forward P/E ratio of 16x sits 30% above the sector median, reflecting a more reasonable valuation compared to peers.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| PCG | PG&E Corporation | 13.4% | Bought | $877,898,000 |
| AMZN | Amazon.com, Inc. | 6.8% | Sold | $447,111,000 |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 4.5% | $295,480,000 | |
| LYV | Live Nation Entertainment, Inc. | 4.2% | Bought | $274,218,000 |
| TDS | Telephone and Data Systems, Inc. | 4.0% | Bought | $261,882,400 |
| CRH | CRH plc | 3.6% | $238,838,550 | |
| BN | Brookfield Corporation | 3.4% | Sold | $222,218,400 |
| PDYPF | Flutter | 3.3% | Bought | $214,903,500 |
| KVUE | Kenvue Inc. | 3.3% | New | $213,422,000 |
| CPAY | Corpay | 3.3% | $212,719,200 | |
| APO | Apollo Global Management, Inc. | 3.1% | Bought | $205,410,000 |
| LPLA | LPL Financial Holdings Inc. | 3.1% | Sold | $204,462,500 |
| ICE | Intercontinental Exchange, Inc. | 2.9% | Sold | $189,750,000 |
| COF | Capital One Financial Corporation | 2.9% | Bought | $188,265,000 |
| SPY | S&P 500 ETF | 2.8% | New | $184,478,085 |
| J | Jacobs Engineering Group Inc. | 2.6% | Sold | $169,246,000 |
| CRS | Carpenter Technology Corporation | 2.4% | $157,626,600 | |
| EQT | EQT Corporation | 2.4% | $157,618,500 | |
| NVDA | NVIDIA Corporation | 2.4% | New | $157,151,000 |
| CSGP | CoStar Group, Inc. | 2.4% | New | $156,479,250 |
| X | United States Steel Corporation | 2.3% | New | $153,192,500 |
| FTV | Fortive Corporation | 2.1% | $139,042,000 | |
| CASY | Casey's General Stores, Inc. | 2.0% | New | $130,212,000 |
| DFS | Discover Financial Services | 1.9% | Bought | $126,318,000 |
| MSFT | Microsoft Corporation | 1.8% | Sold | $118,247,850 |
| TLN | Talen Energy Corporation | 1.8% | New | $116,806,950 |
| T | AT&T Inc. | 1.6% | New | $105,637,713 |
| HES | Hess Corporation | 1.5% | $99,831,250 | |
| VST | Vistra Corp. | 1.5% | Sold | $99,824,000 |
| PRMB | Primo Brands Corporation | 1.5% | Bought | $98,484,750 |
| RBA | RB Global | 1.5% | New | $95,285,000 |
| Apollo Global Management | 1.0% | $65,781,000 | ||
| SN | SharkNinja, Inc. | 0.7% | New | $45,875,500 |
| SHCO | Membership Collective Group Inc. | 0.5% | Bought | $32,136,000 |
| PINS | Pinterest, Inc. | 0.5% | New | $31,000,000 |
| SDRL | Seadrill ltd | 0.4% | $25,625,000 | |
| PG&E | 0.2% | $10,577,312 | ||
| HTZWW | Hertz Global Holdings, Inc. | 0.1% | $8,972,200 | |
| AUR | Aurora Innovation, Inc. | 0.1% | $6,943,314 | |
| FLYX | flyExclusive, Inc. | 0.0% | $3,178,420 | |
| AUROW | Aurora Innovation, Inc. | 0.0% | $2,587,167 | |
| Net Power | 0.0% | $152,500 | ||
| FlyExclusive | 0.0% | $36,750 | ||
| Global Blue | 0.0% | $29,600 | ||
| DHR | Danaher Corporation | 0.0% | Sold Out | $0 |
| META | Meta Platforms, Inc. | 0.0% | Sold Out | $0 |
| FERG | Ferguson plc | 0.0% | Sold Out | $0 |
| TSLA | Tesla, Inc. | 0.0% | Sold Out | $0 |
| TMO | Thermo Fisher Scientific Inc. | 0.0% | Sold Out | $0 |
| WDAY | Workday, Inc. | 0.0% | Sold Out | $0 |
| CNK | Cinemark Holdings, Inc. | 0.0% | Sold Out | $0 |
| CCO | Clear Channel Outdoor Holdings, Inc. | 0.0% | Sold Out | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
