Steve Cohen’s SAC Capital Advisors has doubled its stake in game maker Zynga.
Bloomberg Businessweek reported that SAC Capital now own more than 5% of Zynga from the 2.2% the firm held at the end of 2013. Zynga makes games such as FarmVille, Words with Friends and Draw Something.
Zynga, whose shares is owned by 58% of hedge funds, lost nearly 70% since March 2012.
SAC, which pleaded guilty in November to insider trading has agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years.
The firm has also renamed itself Point 72 Asset Management--which will take effect next month--while various funds at the firm will be renamed Point72, EverPoint Asset Management and Cubist Systematic Strategies.
Connecticut-based SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion once the firm completes its transition to a family office.