Cable One Inc (CABO): Are Hedge Funds Right About This Stock?

Because Cable One Inc (NYSE:CABO) has witnessed bearish sentiment from hedge fund managers, it’s safe to say that there exists a select few hedge funds that decided to sell off their full holdings last quarter. Intriguingly, John Petry’s Sessa Capital dumped the largest position of the “upper crust” of funds followed by Insider Monkey, comprising close to $5.8 million in stock. Michael Reeber’s fund, Andalusian Capital Partners, also dumped its stock, about $2.4 million worth of CABO shares. These transactions are important to note, as aggregate hedge fund interest dropped by 1 fund last quarter.

Let’s check out hedge fund activity in other stocks similar to Cable One Inc (NYSE:CABO). We will take a look at Chesapeake Energy Corporation (NYSE:CHK), Oceaneering International (NYSE:OII), ENSCO PLC (NYSE:ESV), and National Beverage Corp. (NASDAQ:FIZZ). This group of stocks’ market caps match CABO’s market cap.

As you can see these stocks had an average of 29 hedge funds with bullish positions and the average amount invested in these stocks was $549 million. That figure was $304 million in CABO’s case. Chesapeake Energy Corporation (NYSE:CHK) is the most popular stock in this table. On the other hand National Beverage Corp. (NASDAQ:FIZZ) is the least popular one with only 20 bullish hedge fund positions. Cable One Inc (NYSE:CABO) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CHK might be a better candidate to consider a long position.

Disclosure: none.