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Is ReTailMeNot Inc (SALE) A Good Stock To Buy?

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A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on ReTailMeNot Inc (NASDAQ:SALE).

ReTailMeNot Inc (NASDAQ:SALE) shares didn’t see a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 17 hedge funds’ portfolios at the end of the third quarter of 2016. 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 PTC Therapeutics, Inc. (NASDAQ:PTCT), Fidelity Southern Corporation (NASDAQ:LION), and Extreme Networks, Inc (NASDAQ:EXTR) to gather more data points.

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We follow over 700 hedge funds and other institutional investors and by analyzing their quarterly 13F filings, we identify stocks that they are collectively bullish on and develop investment strategies based on this data. One strategy that outperformed the market over the last year involves selecting the 100 best-performing funds and identifying the 30 mid-cap stocks that they are collectively most bullish on. Over the past year, this strategy generated returns of 18%, topping the 8% gain registered by S&P 500 ETFs. We launched this strategy 2.5 years ago and it returned more than 39% since then, vs. 22% gain registered by the S&P 500 ETFs.

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How are hedge funds trading ReTailMeNot Inc (NASDAQ:SALE)?

At Q3’s end, a total of 17 of the hedge funds tracked by Insider Monkey were long this stock, unchanged from the second quarter of 2016. By comparison, 15 hedge funds held shares or bullish call options in SALE heading into this year. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

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Of the funds tracked by Insider Monkey, Jim Simons’ Renaissance Technologies, one of the largest hedge funds in the world, has the number one position in ReTailMeNot Inc (NASDAQ:SALE), worth close to $19.8 million. Sitting at the No. 2 spot is D. E. Shaw’s D E Shaw, which holds a $15.4 million position. Other hedge funds and institutional investors that hold long positions comprise Cliff Asness’ AQR Capital Management, John Overdeck and David Siegel’s Two Sigma Advisors and Josh Goldberg’s G2 Investment Partners 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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