Panera Bread Co (PNRA) Soars On Strong Start To Third Quarter: Should You Grab A Slice?

How are hedge funds trading Panera Bread Co (NASDAQ:PNRA)?

According to Insider Monkey’s hedge fund database, Discovery Capital Management, managed by Rob Citrone, holds the largest position in Panera Bread Co (NASDAQ:PNRA) with around 431,000 shares valued at $69 million, comprising 0.8% of its 13F portfolio at the end of March. Coming in second is Luxor Capital Group, led by Christian Leone, holding around 351,000 shares worth $56.2 million; the fund has 0.9% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism consist of Ken Griffin‘s Citadel Investment Group, Glenn Russell Dubin’s Highbridge Capital Management, and Leon Cooperman‘s Omega Advisors.

As industrywide interest jumped, key money managers have jumped into Panera Bread Co (NASDAQ:PNRA) headfirst. Luxor Capital Group opened the largest fresh position in Panera Bread Co (NASDAQ:PNRA), while Omega Advisors’ position was also a new one, as Cooperman bought around 158,000 shares during the January – March period. The other funds with new positions in the stock are Bruce Kovner’s Caxton Associates LP, John Overdeck and David Siegel’s Two Sigma Advisors, and Paul Tudor Jones‘ Tudor Investment Corp.

Leading hedge fund managers like Leon Cooperman, Paul Tudor Jones, and Christian Leone initiating fresh positions in the stock recently is an indication that these managers were very confident about the direction of this company. Despite the earnings miss, the company reported a strong start to the third quarter. Considering the results and the bullish hedge fund sentiment, we recommend buying this stock at the moment.

Disclosure: None