Hedge Funds Are Tuning Into Pandora Media Inc (P)

Now, key hedge funds were leading the bulls’ herd. Omega Advisors, managed by Leon Cooperman, initiated the largest position in Pandora Media Inc (NYSE:P). Omega Advisors had $39 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $21.5 million investment in the stock during the quarter. The other funds with new positions in the stock are Anand Parekh’s Alyeska Investment Group, Larry Foley and Paul Farrell’s Bronson Point Partners, and Leighton Welch’s Welch Capital Partners.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Pandora Media Inc (NYSE:P) but similarly valued. These stocks are PriceSmart, Inc. (NASDAQ:PSMT), Tupperware Brands Corporation (NYSE:TUP), LifePoint Hospitals, Inc. (NASDAQ:LPNT), and Sinclair Broadcast Group, Inc. (NASDAQ:SBGI). This group of stocks’ market caps are similar to Pandora’s market cap.

As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $192 million. That figure was $1.54 billion in Pandora’s case. Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) is the most popular stock in this table. On the other hand PriceSmart, Inc. (NASDAQ:PSMT) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Pandora Media Inc (NYSE:P) is more popular among hedge funds. Considering that hedge funds are extremely fond of this stock in relation to its market cap peers and growing ever more bullish, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None