Hedge Funds Are Buying Essendant Inc (ESND)

Consequently, some big names have been driving this bullishness. Hawk Ridge Management assembled the most valuable position in Essendant Inc (NASDAQ:ESND). Hawk Ridge Management had $4.2 million invested in the company at the end of the quarter. Renaissance Technologies also made a $2.3 million investment in the stock during the quarter. The other funds with brand new ESND positions are John Overdeck and David Siegel’s Two Sigma Advisors and Paul Tudor Jones’ Tudor Investment Corp.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Essendant Inc (NASDAQ:ESND) but similarly valued. We will take a look at Hersha Hospitality Trust (NYSE:HT), GasLog Partners LP (NYSE:GLOP), istar Inc (NYSE:STAR), and Greenlight Capital Re, Ltd. (NASDAQ:GLRE). This group of stocks’ market valuations match ESND’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $70 million. That figure was $40 million in ESND’s case. istar Inc (NYSE:STAR) is the most popular stock in this table. On the other hand GasLog Partners LP (NYSE:GLOP) is the least popular one with only 3 bullish hedge fund positions. Essendant Inc (NASDAQ:ESND) 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 STAR might be a better candidate to consider taking a long position in.

Disclosure: None