How Hedge Funds Traded the Double Eagle Acquisition Corp (EAGLU) IPO

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Double Eagle Acquisition Corp (NASDAQ:EAGLU) but similarly valued. We will take a look at Xencor Inc (NASDAQ:XNCR), Carmike Cinemas, Inc. (NASDAQ:CKEC), Mag Silver Corp (USA) (NYSEMKT:MVG), and Xunlei Ltd (NASDAQ:XNET). All of these stocks’ market caps are similar to EAGLU’s market cap.

As you can see these stocks had an average of 15.5 hedge funds with bullish positions and the average amount invested in these stocks was $57 million. That figure was $188 million in EAGLU’s case. Carmike Cinemas, Inc. (NASDAQ:CKEC) is the most popular stock in this table. On the other hand Xunlei Ltd (NASDAQ:XNET) is the least popular one with only 6 bullish hedge fund positions. Double Eagle Acquisition Corp (NASDAQ:EAGLU) is not the most popular stock in this group but hedge fund interest is still above average and there is more money invested in it than any of the other mentioned stocks. This is a positive signal and makes the stock a worthwhile candidate to consider a long position in.