Hedge Funds Are Crazy About Pandora Media Inc (P)

Now, key hedge funds were leading the bulls’ herd. Clifford Fox’s Columbus Circle Investors initiated a $37.6 million position during the quarter. The following funds were also among the new Pandora Media Inc (NYSE:P) investors: James H. Litinsky’s JHL Capital Group, Josh Resnick’s Jericho Capital Asset Management, and Tiger Management.

Let’s go over hedge fund activity in other stocks similar to Pandora Media Inc (NYSE:P). These stocks are FMC Corp (NYSE:FMC), Avis Budget Group Inc. (NASDAQ:CAR), Northstar Realty Finance Corp. (NYSE:NRF), and Patterson Companies, Inc. (NASDAQ:PDCO). This group of stocks’ market values matches Pandora Media Inc (NYSE:P)’s market value.

As you can see, these stocks had an average of 41 hedge funds with bullish positions and the average amount invested in these stocks was $1.28 billion. That figure was $1.25 billion in Pandora Media Inc (NYSE:P)’s case. Northstar Realty Finance Corp. (NYSE:NRF) is the most popular stock in this table. On the other hand, Patterson Companies, Inc. (NASDAQ:PDCO) is the least popular one with only 28 bullish hedge fund positions. Pandora Media Inc (NYSE:P) 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, Northstar Realty Finance Corp. (NYSE:NRF) might be a better candidate to consider a long position.