World Wrestling Entertainment, Inc. (WWE) Hedge Funds Are Snapping Up

As one would reasonably expect, key hedge funds were breaking ground themselves. Calixto Global Investors, led by Eduardo Costa, created the biggest position in World Wrestling Entertainment, Inc. (NYSE:WWE). According to regulatory filings, the fund had $9.1 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also initiated a $4.3 million position during the quarter. The following funds were also among the new WWE investors: Benjamin A. Smith’s Laurion Capital Management and Ken Griffin’s Citadel Investment Group.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as World Wrestling Entertainment, Inc. (NYSE:WWE) but similarly valued. We will take a look at Stepan Company (NYSE:SCL), Columbia Pipeline Partners LP (NYSE:CPPL), Fairmount Santrol Holdings Inc (NYSE:FMSA), and Etsy Inc (NASDAQ:ETSY). This group of stocks’ market values are similar to WWE’s market value.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $154 million. That figure was $141 million in WWE’s case. Fairmount Santrol Holdings Inc (NYSE:FMSA) is the most popular stock in this table. On the other hand Columbia Pipeline Partners LP (NYSE:CPPL) is the least popular one with only 9 bullish hedge fund positions. World Wrestling Entertainment, Inc. (NYSE:WWE) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FMSA might be a better candidate to consider taking a long position in.

Disclosure: none.