What Do Hedge Funds Think About Snyder’s-Lance Inc (LNCE)?

Seeing as Snyder’s-Lance Inc (NASDAQ:LNCE) has experienced falling interest from the aggregate hedge fund industry, logic holds that there lies a certain “tier” of money managers who sold off their positions entirely in the third quarter. Intriguingly, Phill Gross and Robert Atchinson’s Adage Capital Management dumped the largest investment of all the hedgies monitored by Insider Monkey, worth close to $1.8 million in stock, and Matthew Hulsizer’s PEAK6 Capital Management was right behind this move, as the fund cut about $0.3 million worth. These transactions are interesting, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Snyder ‘s- Lance Inc (NASDAQ:LNCE) but similarly valued. These stocks are ONE Gas Inc (NYSE:OGS), Momo Inc (ADR) (NASDAQ:MOMO), Weibo Corp (ADR) (NASDAQ:WB), and Diamond Offshore Drilling Inc (NYSE:DO). All of these stocks’ market caps match LNCE’s market cap.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $69 million, lower than the $123 million in LNCE’s case. Diamond Offshore Drilling Inc (NYSE:DO) is the most popular stock in this table, while Momo Inc (ADR) (NASDAQ:MOMO) and Weibo Corp (ADR) (NASDAQ:WB) are the least popular ones with only 5 bullish hedge fund positions. Snyder’s-Lance Inc (NASDAQ:LNCE), compared to these stocks, registers an average level of interest. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard DO might be a better candidate to consider a long position.