Hedge Funds Are Crazy About World Wrestling Entertainment, Inc. (WWE)

As aggregate interest increased, key hedge funds have jumped into World Wrestling Entertainment, Inc. (NYSE:WWE) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the biggest new position in World Wrestling Entertainment, Inc. (NYSE:WWE). Accord to its latest 13F filing, the fund had $7.8 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also initiated a $6.3 million position during the quarter. The other funds with new positions in the stock are Andrew Sandler’s Sandler Capital Management, David Forster and Peter Wilton’s IBIS Capital Partners, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as World Wrestling Entertainment, Inc. (NYSE:WWE) but similarly valued. We will take a look at EP Energy Corp (NYSE:EPE), HFF, Inc. (NYSE:HF), United Community Banks Inc (NASDAQ:UCBI), and Global Blood Therapeutics Inc (NASDAQ:GBT). This group of stocks’ market valuations resemble WWE’s market valuation.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $162 million. That figure was $110 million in WWE’s case. EP Energy Corp (NYSE:EPE) is the most popular stock in this table, while Global Blood Therapeutics Inc (NASDAQ:GBT) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks World Wrestling Entertainment, Inc. (NYSE:WWE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.