Bojangles Inc (BOJA): Are Hedge Funds Right About This Stock?

As one would reasonably expect, key hedge funds were leading the bulls’ herd. Ken Griffin’s Citadel Investment Group initiated a $1.2 million position during the third quarter. The other funds with brand new BOJA positions are Neil Chriss’ Hutchin Hill Capital and Mike Vranos’ Ellington.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Bojangles Inc (NASDAQ:BOJA) but similarly valued. These stocks are Regis Corporation (NYSE:RGS), Rayonier Advanced Materials Inc (NYSE:RYAM), Intralinks Holdings Inc (NYSE:IL), and Alon USA Energy, Inc. (NYSE:ALJ). All of these stocks’ market caps match BOJA’s market cap.

As you can see these stocks had an average of 19 investors with bullish positions and the average amount invested in these stocks was $128 million. That figure was just $12 million in BOJA’s case. Rayonier Advanced Materials Inc (NYSE:RYAM) is the most popular stock in this table, while Regis Corporation (NYSE:RGS) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Bojangles Inc (NASDAQ:BOJA) is even less popular than RGS. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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