Guess?, Inc. (GES) Shares Spiking On News Of Another Catalyst

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How have hedgies been trading Guess?, Inc. (NYSE:GES)?

At the end of the first quarter, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, compared to 13 funds in the previous quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were increasing their stakes considerably.

Of the funds tracked by Insider Monkey, Joel Greenblatt‘s Gotham Asset Management had the most valuable position in Guess?, Inc. (NYSE:GES), worth close to $49.8 million, accounting for 0.4% of its total 13F portfolio. Coming in second is Richard Mashaal of Rima Senvest Management, with a $23.2 million position of call options; 1.4% of its 13F portfolio is allocated to the company. Additional members of the smart money that are bullish contain Jim Simons‘ Renaissance Technologies, Ken Griffin’s Citadel Investment Group, and Israel Englander’s Millennium Management.

As industrywide interest jumped, some big names were breaking ground themselves. Highbridge Capital Management, managed by Glenn Russell Dubin, assembled the most outsized position in Guess?, Inc. (NYSE:GES). Highbridge Capital Management had $4.8 million invested in the company at the end of the first trimester. Peter Muller’s PDT Partners also initiated a $2.9 million position during the same quarter. The following funds were also among the new Guess investors: Mike Vranos’ Ellington, Jacob Gottlieb’s Visium Asset Management, and Dmitry Balyasny’s Balyasny Asset Management.

In light of the strength developing for Guess?, Inc. (NYSE:GES) in retail sales and the hedge fund interest, we recommend buying its shares at this time.

Disclosure: None

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