The smart money is shuffling in and out of JCPenney again.
Battered shares of the flailing retailer popped 3.9 percent to $9.03 on Friday as Wall Street tycoon David Tepper’s Appaloosa Management disclosed it has scooped up 737,800 shares.
Earlier this week, hedge fund Jana Partners gave Penney shares a boost when it disclosed it picked up a 500,000-share stake during the third quarter.
Meanwhile, Patrick McCormack’s Tiger Consumer Management coughed up its entire Penney investment, dumping roughly 5.4 million shares, a regulatory filing showed.
Among the biggest losers on Penney shares lately is New York billionaire Richard Perry, who got smacked by a slew of disappointing news from the retailer after buying 8.6 percent of its shares.
Perry sold more than half his stake in late September at a discount of more than 50 percent, filings show.
Newcomers hope Penney shares, down 54 percent his year, have hit bottom.