Global Eagle Acquisition Corp (NASDAQ:ENT) has experienced an increase in enthusiasm from smart money lately.
In the 21st century investor’s toolkit, there are a multitude of methods shareholders can use to track the equity markets. A couple of the most useful are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the top investment managers can beat their index-focused peers by a solid margin (see just how much).
Equally as important, optimistic insider trading sentiment is a second way to break down the investments you’re interested in. As the old adage goes: there are many motivations for an upper level exec to get rid of shares of his or her company, but only one, very obvious reason why they would initiate a purchase. Many academic studies have demonstrated the valuable potential of this tactic if shareholders understand what to do (learn more here).
With these “truths” under our belt, it’s important to take a peek at the key action regarding Global Eagle Acquisition Corp (NASDAQ:ENT).
What does the smart money think about Global Eagle Acquisition Corp (NASDAQ:ENT)?
In preparation for this year, a total of 11 of the hedge funds we track were long in this stock, a change of 10% from one quarter earlier. With hedge funds’ sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings meaningfully.
When looking at the hedgies we track, AQR Capital Management, managed by Cliff Asness, holds the largest position in Global Eagle Acquisition Corp (NASDAQ:ENT). AQR Capital Management has a $16.7 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting at the No. 2 spot is Jeffrey Tannenbaum of Fir Tree, with a $15.7 million position; 0.4% of its 13F portfolio is allocated to the company. Some other hedge funds with similar optimism include Michael A. Price and Amos Meron’s Empyrean Capital Partners, Glenn Russell Dubin’s Highbridge Capital Management and Eric Edidin and Josh Lobel’s Archer Capital Management.
As one would reasonably expect, specific money managers were breaking ground themselves. AQR Capital Management, managed by Cliff Asness, established the most valuable position in Global Eagle Acquisition Corp (NASDAQ:ENT). AQR Capital Management had 16.7 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $10 million investment in the stock during the quarter. The other funds with brand new ENT positions are Cliff Asness’s AQR Capital Management, Glenn Russell Dubin’s Highbridge Capital Management, and Louis Bacon’s Moore Global Investments.
What do corporate executives and insiders think about Global Eagle Acquisition Corp (NASDAQ:ENT)?
Insider purchases made by high-level executives is at its handiest when the company we’re looking at has seen transactions within the past six months. Over the latest 180-day time frame, Global Eagle Acquisition Corp (NASDAQ:ENT) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Global Eagle Acquisition Corp (NASDAQ:ENT). These stocks are Hyde Park Acquisition Corp II (NASDAQ:HPAC), New Mountain Finance Corp. (NYSE:NMFC), Lydall, Inc. (NYSE:LDL), Harbinger Group Inc (NYSE:HRG), and Steel Partners Holdings LP (NYSE:SPLP). All of these stocks are in the conglomerates industry and their market caps are closest to ENT’s market cap.