Why Express, Inc. (EXPR)’s Stock Has Slid on Wednesday?

As aggregate interest increased, key hedge funds were breaking ground themselves. Two Sigma Advisors, managed by John Overdeck and David Siegel, initiated the most outsized position in Express, Inc. (NYSE:EXPR). Two Sigma Advisors had $20.6 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also initiated a $12.6 million position during the quarter. The following funds were also among the new EXPR investors: Peter Muller’s PDT Partners, Neil Chriss’s Hutchin Hill Capital, and Steve Cohen’s Point72 Asset Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Express, Inc. (NYSE:EXPR) but similarly valued. These stocks are Diplomat Pharmacy Inc (NYSE:DPLO), RBC Bearings Incorporated (NASDAQ:ROLL), Cogent Communications Group, Inc. (NASDAQ:CCOI), and Texas Capital Bancshares Inc (NASDAQ:TCBI). All of these stocks’ market caps are closest to EXPR’s market cap.

As you can see these stocks had an average of 11.5 hedge funds with bullish positions and the average amount invested in these stocks was $130 million. That figure was $245 million in EXPR’s case. Texas Capital Bancshares Inc (NASDAQ:TCBI) is the most popular stock in this table. On the other hand, RBC Bearings Incorporated (NASDAQ:ROLL) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Express, Inc. (NYSE:EXPR) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None