HSN, Inc. (HSNI): Hedge Fund Ownership Going Nowhere

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. It’s worth mentioning that Matthew Iorio’s White Elm Capital dumped the biggest investment of all the hedgies studied by Insider Monkey, valued at about $33.5 million in stock, and Steve Cohen’s Point72 Asset Management was right behind this move, as the fund dropped about $15.6 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as HSN, Inc. (NASDAQ:HSNI) but similarly valued. We will take a look at Virtu Financial Inc (NASDAQ:VIRT), Colony Financial Inc (NYSE:CLNY), Chemtura Corp (NYSE:CHMT), and CBL & Associates Properties, Inc. (NYSE:CBL). This group of stocks’ market valuations are similar to HSNI’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $196 million. That figure was $53 million in HSNI’s case. Colony Financial Inc (NYSE:CLNY) is the most popular stock in this table. On the other hand CBL & Associates Properties, Inc. (NYSE:CBL) is the least popular one with only 11 bullish hedge fund positions. HSN, Inc. (NASDAQ:HSNI) 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 CLNY might be a better candidate to consider taking a long position in.

Disclosure: None