The market has been volatile as the Federal Reserve winds down its easy money policies. Small cap stocks have been hit hard as a result, as the Russell 2000 ETF (IWM) has underperformed the larger S&P 500 ETF (SPY) by more than 14 percentage points between June 25th and the end of October. SEC filings and hedge fund investor letters indicate that the smart money seems to be paring back their overall long exposure, and the funds’ movements is one of the reasons why the major indexes have retraced. In this article, we analyze what the smart money thinks of Gray Television, Inc. (NYSE:GTN) and find out how it is affected by hedge funds’ moves.
Gray Television, Inc. (NYSE:GTN) was in 29 hedge funds’ portfolios at the end of September. GTN investors should be aware of a decrease in hedge fund sentiment lately. There were 33 hedge funds in our database with GTN holdings at the end of the previous quarter. At the end of this article we will also compare GTN to other stocks including Q2 Holdings Inc (NYSE:QTWO), LDR Holding Corp (NASDAQ:LDRH), and Costamare Inc (NYSE:CMRE) to get a better sense of its popularity.
In the financial world there are a lot of methods market participants use to analyze stocks. A couple of the most useful methods are hedge fund and insider trading moves. Our experts have shown that, historically, those who follow the top picks of the top investment managers can outperform the market by a significant margin (see the details here).
With all of this in mind, let’s review the key action encompassing Gray Television, Inc. (NYSE:GTN).
How are hedge funds trading Gray Television, Inc. (NYSE:GTN)?
Heading into Q4, a total of 29 of the hedge funds tracked by Insider Monkey were long this stock, a change of -12% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Matthew Knauer and Mina Faltas’s Nokota Management has the most valuable position in Gray Television, Inc. (NYSE:GTN), worth close to $36.5 million, amounting to 1.6% of its total 13F portfolio. The second most bullish fund manager is Whetstone Capital Advisors, managed by David Atterbury, which holds a $23.5 million position; 8.8% of its 13F portfolio is allocated to the company. Remaining members of the smart money that are bullish include Ken Griffin’s Citadel Investment Group, Columbus Circle Investors and Bart Baum’s Ionic Capital Management.