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Are Hedge Funds On To Something With Buckle Inc (BKE)?

Now, specific money managers have been driving this bullishness. Point72 Asset Management initiated the most outsized position in Buckle Inc (NYSE:BKE). Point72 Asset Management had $3 million invested in the company at the end of the quarter. Neil Chriss’ Hutchin Hill Capital also made a $1.3 million investment in the stock during the quarter. The following funds were also among the new BKE investors: Matthew Tewksbury’s Stevens Capital Management, Joshua Packwood and Schuster Tanger’s Radix Partners, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks similar to Buckle Inc (NYSE:BKE). These stocks are Endurance International Group Hldgs Inc (NASDAQ:EIGI), Globalstar, Inc. (PINK:GSAT), Methode Electronics Inc. (NYSE:MEI), and Denbury Resources Inc. (NYSE:DNR). This group of stocks’ market values are similar to BKE’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
EIGI 7 66146 1
GSAT 18 106574 -2
MEI 15 118796 -1
DNR 18 65600 -3

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $89 million. That figure was $115 million in BKE’s case. Globalstar, Inc. (PINK:GSAT) is the most popular stock in this table. On the other hand Endurance International Group Hldgs Inc (NASDAQ:EIGI) is the least popular one with only 7 bullish hedge fund positions. Buckle Inc (NYSE:BKE) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard GSAT might be a better candidate to consider taking a long position in.

Disclosure: None

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