Sprint Corp (S) Rises Over 13%; What Do Hedge Funds Think About the Company?

What does the smart money think about Sprint Corp (NYSE:S)?

A total of 23 of the hedge funds tracked by Insider Monkey held long positions in Sprint Corp (NYSE:S) with an aggregate value of $498.25 million, down from 27 funds with $561.97 million a quarter earlier. However, if we take into account the 14.22% decline of the stock during the same period, the company saw a small inflow of capital from investors. Nonetheless, it should be pointed out that hedge funds from our database hold only 2.66% of the Sprint’s outstanding stock.

William B. Gray’s Orbis Investment Management had the most valuable position in Sprint Corp (NYSE:S) at the end of March, owning almost 70 million shares worth close to $331.71 million. Litespeed Management, led by Jamie Zimmerman, also held 9.54 million shares worth about $45.2 million. In addition, Ricky Sandler’s Eminence Capital and  Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital closed their stakes by dumping 3.79 million shares and 3.23 million shares respectively.

Even though the stock appreciated in the last couple of days, taking into account that hedge funds are deeply underweight in Sprint Corp (NYSE:S), suggest that the stock is not a ‘Buy’ at the moment.

Disclosure: None