GoPro Inc (GPRO) Turning Heads Following Licensing Portal Launch: Do Hedge Funds Love GoPro?

How are hedge funds trading GoPro Inc (NASDAQ:GPRO)?

Of the funds tracked by Insider Monkey, John Griffin‘s Blue Ridge Capital had the most valuable position in GoPro Inc (NASDAQ:GPRO), owning 1.1 million shares worth close to $47.8 million, corresponding to 0.5% of its total 13F portfolio. On Blue Ridge Capital’s heels is Citadel Investment Group, managed by Ken Griffin, which held a $44.6 million position of call options made up of about 1.03 million underlying shares; the fund has less than 0.1% of its 13F portfolio invested in the stock. Remaining hedgies that are bullish include Edward Gilhuly and Scott Stuart’s Sageview Capital, Ricky Sandler’s Eminence Capital, and David Gallo’s Valinor Management LLC.

As aggregate interest increased, key money managers have jumped into GoPro Inc (NASDAQ:GPRO) headfirst. The previously mentioned Sageview Capital, managed by Edward Gilhuly and Scott Stuart, assembled the largest position in GoPro Inc (NASDAQ:GPRO). Sageview Capital had $18.7 million invested in the company at the end of the quarter, owning 430,000 shares. Jim Simons’ Renaissance Technologies also made a $14.4 million investment in the stock during the quarter, buying 330,800 shares. The following funds were also among the new GoPro investors: Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital, John Thaler’s JAT Capital Management, and Eric Chen’s Antipodean Advisors.

As GoPro Inc (NASDAQ:GPRO) takes more steps down the path to becoming a media company and seeing how the market and hedge funds are confident in the firm, we recommend a long position in the company’s stock.

Disclosure: None