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Hedge Funds Remain Cautiously Optimistic About EVINE Live Inc (EVLV)

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The worries about the election and the ongoing uncertainty about the path of interest-rate increases have been keeping investors on the sidelines. Of course, most hedge funds and other asset managers have been underperforming main stock market indices since the middle of 2015. Interestingly though, smaller-cap stocks registered their best performance relative to the large-capitalization stocks since the end of the June quarter, suggesting that this may be the best time to take a cue from their stock picks. In fact, the Russell 2000 Index gained more than 15% since the beginning of the third quarter, while the Standard and Poor’s 500 benchmark returned less than 6%. This article will lay out and discuss the hedge fund and institutional investor sentiment towards EVINE Live Inc (NASDAQ:EVLV).

Is EVINE Live Inc (NASDAQ:EVLV) a buy right now? The smart money is actually getting more optimistic. The number of bullish hedge fund bets advanced by 1 in recent months. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Derma Sciences Inc (NASDAQ:DSCI), Anthera Pharmaceuticals Inc (NASDAQ:ANTH), and Virtus Total Return Fund (NYSE:DCA) to gather more data points.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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How are hedge funds trading EVINE Live Inc (NASDAQ:EVLV)?

At Q3’s end, a total of 10 of the hedge funds tracked by Insider Monkey held long positions in this stock, a gain of 11% from the second quarter of 2016. On the other hand, there were a total of 11 hedge funds with a bullish position in EVLV at the beginning of this year, so ownership has still dropped in 2016 (and also fell sharply in Q4 2015). With hedge funds’ sentiment swirling, there exists a select group of key hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Jeffrey Bronchick of Cove Street Capital holds the largest position in EVINE Live Inc (NASDAQ:EVLV) which has a $15.2 million position in the stock, comprising 1.6% of its 13F portfolio. On Cove Street Capital’s heels is J. Carlo Cannell of Cannell Capital, with a $6.1 million position; the fund has 2.4% of its 13F portfolio invested in the stock. Some other members of the smart money that are bullish comprise George Hall’s Clinton Group, Renaissance Technologies, one of the largest hedge funds in the world, and Israel Englander’s Millennium Management. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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