Hedge Funds Seem to Have Anticipated Copa Holdings, S.A. (CPA)’s Weak Financial Results

What have hedge funds been doing with Copa Holdings, S.A. (NYSE:CPA)?

Among the funds tracked by Insider Monkey, William B. Gray’s Orbis Investment Management had the largest position in Copa Holdings, S.A. (NYSE:CPA), with around 1.1 million shares worth close to $113.3 million. However Paul Reeder and Edward Shapiro‘s PAR Capital Management has increased its holding 792% to 1.1 million shares worth $112.6 million position at the end of March. Remaining hedge funds that are bullish on the company include Satyen Mehta’s Neon Liberty Capital Management, Thomas Steyer’s Farallon Capital and Amy Minella’s Cardinal Capital.

In addition, there were several hedge funds, which closed their stakes during the first quarter, including Orlando Muyshondt‘s Tyrian Investments, which sold off the largest position by unloading around 237,000 shares.

Hedge funds were not bullish on Copa Holdings, S.A. (NYSE:CPA) as  we can see and they were right to do so as the stock had dropped around 35% since the end of March. The latest earnings miss also fueled a further decline. Considering the hedge funds bearish sentiment, we don’t recommend to buy this stock on the dip.

Disclosure: None