Is Angie’s List Inc (NASDAQ:ANGI) a bargain? Hedge funds are in an optimistic mood. The number of long hedge fund positions advanced by 2 recently.
In today’s marketplace, there are a multitude of metrics market participants can use to analyze stocks. A couple of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the elite investment managers can outpace the S&P 500 by a healthy margin (see just how much).
Just as key, bullish insider trading sentiment is another way to break down the marketplace. Just as you’d expect, there are a variety of motivations for an insider to drop shares of his or her company, but only one, very obvious reason why they would buy. Plenty of empirical studies have demonstrated the impressive potential of this strategy if piggybackers know where to look (learn more here).
Now, it’s important to take a peek at the key action surrounding Angie’s List Inc (NASDAQ:ANGI).
Hedge fund activity in Angie’s List Inc (NASDAQ:ANGI)
At the end of the first quarter, a total of 12 of the hedge funds we track were long in this stock, a change of 20% from the previous quarter. With hedge funds’ sentiment swirling, there exists a select group of key hedge fund managers who were upping their holdings considerably.
According to our comprehensive database, George Soros’s Soros Fund Management had the most valuable position in Angie’s List Inc (NASDAQ:ANGI), worth close to $23.2 million, comprising 0.3% of its total 13F portfolio. Coming in second is Columbus Circle Investors, managed by Donald Chiboucis, which held a $18.4 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Other hedge funds that are bullish include Drew Cupps’s Cupps Capital Management, Dmitry Balyasny’s Balyasny Asset Management and Ken Griffin’s Citadel Investment Group.
As industrywide interest jumped, key money managers were breaking ground themselves. Columbus Circle Investors, managed by Donald Chiboucis, created the most valuable position in Angie’s List Inc (NASDAQ:ANGI). Columbus Circle Investors had 18.4 million invested in the company at the end of the quarter. Drew Cupps’s Cupps Capital Management also initiated a $17 million position during the quarter. The following funds were also among the new ANGI investors: Dmitry Balyasny’s Balyasny Asset Management, Jim Simons’s Renaissance Technologies, and Richard Driehaus’s Driehaus Capital.
Insider trading activity in Angie’s List Inc (NASDAQ:ANGI)
Insider purchases made by high-level executives is particularly usable when the company we’re looking at has seen transactions within the past 180 days. Over the latest half-year time period, Angie’s List Inc (NASDAQ:ANGI) has seen zero unique insiders buying, and 6 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Angie’s List Inc (NASDAQ:ANGI). These stocks are J2 Global Inc (NASDAQ:JCOM), Demand Media Inc (NYSE:DMD), ExactTarget Inc (NYSE:ET), VirnetX Holding Corporation (NYSEAMEX:VHC), and DealerTrack Technologies Inc (NASDAQ:TRAK). All of these stocks are in the internet software & services industry and their market caps are similar to ANGI’s market cap.