Here is What Hedge Funds Think About Ignite Restaurant Group Inc (IRG)

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As one would reasonably expect, some big names have been driving this bullishness. Renaissance Technologies, managed by Jim Simons, established the biggest position in Ignite Restaurant Group Inc (NASDAQ:IRG). Renaissance Technologies had $0.2 million invested in the company at the end of the quarter. Ken Grossman and Glen Schneider’s SG Capital Management also made a $0.1 million investment in the stock during the quarter. The only other fund with a brand new IRG position is Matthew Hulsizer’s PEAK6 Capital Management.

Let’s check out hedge fund activity in other stocks similar to Ignite Restaurant Group Inc (NASDAQ:IRG). These stocks are Vince Holding Corp (NYSE:VNCE), Liberator Medical Holdings Inc (NYSEMKT:LBMH), Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR), and Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE). This group of stocks’ market valuations are similar to IRG’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
VNCE 18 18996 1
LBMH 7 12445 1
WHLR 7 30444 -2
ZYNE 4 23146 4

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $21 million. That figure was $13 million in IRG’s case. Vince Holding Corp (NYSE:VNCE) is the most popular stock in this table. On the other hand Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) is the least popular one with only 4 bullish hedge fund positions. Ignite Restaurant Group Inc (NASDAQ:IRG) 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 VNCE might be a better candidate to consider a long position.

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