Hedge Funds Are Dumping Manchester United PLC (MANU)

Due to the fact that Manchester United PLC (NYSE:MANU) has witnessed a falling interest from the aggregate hedge fund industry, it’s safe to say that there was a specific group of funds that decided to sell off their entire stakes last quarter. At the top of the heap, Israel Englander’s Millennium Management cut the largest stake of the “upper crust” of funds tracked by Insider Monkey, totaling close to $0.3 million in stock, followed by Gavin Saitowitz and Cisco J. del Valle’s fund, Springbok Capital, which dumped around $0.1 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to Manchester United PLC (NYSE:MANU). We will take a look at JinkoSolar Holding Co., Ltd. (NYSE:JKS), CVR Partners LP (NYSE:UAN), Sierra Wireless, Inc. (USA) (NASDAQ:SWIR), and Cynosure, Inc. (NASDAQ:CYNO). All of these stocks’ market caps resemble MANU’s market cap.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $36 million. Cynosure, Inc. (NASDAQ:CYNO) is the most popular stock in this table with a total of 18 funds disclosing long positions. On the other hand CVR Partners LP (NYSE:UAN) is the least popular one with only 5 bullish hedge fund positions. Manchester United PLC (NYSE:MANU) 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 CYNO might be a better candidate to consider a long position.