Hedge Funds Aren’t Crazy About DISH Network Corp. (DISH) Anymore

Seeing as DISH Network Corp. (NASDAQ:DISH) has witnessed a declining sentiment from the aggregate hedge fund industry, logic holds that there exists a select few hedge funds that decided to sell off their positions entirely last quarter. It’s worth mentioning that Millennium Management Subsidiary’s Blue Arrow Capital Management dropped the largest stake of the “upper crust” of funds watched by Insider Monkey, totaling about $78.2 million in stock. Josh Resnick’s fund, Jericho Capital Asset Management, also dropped its stock, about $42.8 million worth of shares. These moves are intriguing to say the least, as aggregate hedge fund interest fell by 15 funds last quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as DISH Network Corp. (NASDAQ:DISH) but similarly valued. These stocks are Banco Bradesco SA (ADR) (NYSE:BBD), Imperial Oil Limited (USA) (NYSEMKT:IMO), Humana Inc (NYSE:HUM), and CSX Corporation (NYSE:CSX). All of these stocks’ market caps resemble DISH Network Corp. (NASDAQ:DISH)’s market cap.

As you can see, these stocks had an average of 31 hedge funds with bullish positions and the average amount invested in these stocks was $1.48 billion. That figure was $3.09 billion in DISH Network Corp. (NASDAQ:DISH)’s case. Humana Inc (NYSE:HUM) is the most popular stock in this table. On the other hand, Imperial Oil Limited (USA) (NYSEMKT:IMO) is the least popular one with only 9 bullish hedge fund positions. DISH Network Corp. (NASDAQ:DISH) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Humana Inc (NYSE:HUM might be a better candidate to consider a long position.