In this article, we will discuss the 10 stocks that Izzy Englander has sold in Q3. If you want to read our detailed analysis of his hedge fund and recent developments, go directly to read Billionaire Izzy Englander is Selling These 10 Stocks.
5. Penn National Gaming, Inc. (NYSE:PENN)
Number of Hedge Fund Holders: 38
Penn National Gaming, Inc. (NYSE:PENN) is an American casino company that operates 44 facilities in the U.S. and Canada. According to analysts, the company remained one of the biggest advancers in the casino sector due to the reopening of the economy.
In Q3, Millennium Management sold its entire stake in Penn National Gaming, Inc. (NYSE:PENN). In the previous quarter, the hedge fund held shares worth $1.7 million in the company. In the third quarter, Penn National Gaming, Inc. (NYSE:PENN) reported gaming revenue of $1.25 billion, up from $993 million during the same period last year. Recently, Citigroup started its coverage on the stock with a Hold rating and a $60 price target.
As per Insider Monkey’s Q3 data, 38 hedge funds held stakes in Penn National Gaming, Inc. (NYSE:PENN), down from 40 in the previous quarter. The total value of these stakes is over $1.08 billion.
Recently, Baron Growth Fund published its Q3 2021 investor letter and mentioned Penn National Gaming, Inc. (NYSE:PENN) in it. Here is what the firm has to say:
“Shares of regional casino company Penn National Gaming, Inc. declined as investors fretted about lower market share in online sports betting, and more aggressive marketing spend from competitors in their facility-based businesses. We believe Penn’s recently announced acquisition of Score Media and Gaming, combined with its Barstool acquisition last year, should help drive customers to its betting App, enhancing its market share. Penn has a strong balance sheet with earnings growth accelerating over time.”
4. Coupang, Inc. (NYSE:CPNG)
Number of Hedge Fund Holders: 45
A South Korean e-commerce company, Coupang, Inc. (NYSE:CPNG) experienced a positive hedge fund sentiment in Q3, as 45 hedge funds tracked by Insider Monkey held stakes in the company, up from 33 in the previous quarter. These stakes hold a consolidated value of over $10.7 billion.
Millennium Management started investing in Coupang, Inc. (NYSE:CPNG) during the first quarter of 2021, however, in Q3 2021, the hedge fund sold off its entire stake in the company.
Considering the company’s increased investments in food delivery, recently, Mizuho set a $32 price target on Coupang, Inc. (NYSE:CPNG), while maintaining a Neutral rating on the shares.
3. Capri Holdings Limited (NYSE:CPRI)
Number of Hedge Fund Holders: 46
As per Insider Monkey’s Q3 data, the number of hedge funds tracked by Insider Monkey having stakes in Capri Holdings Limited (NYSE:CPRI) increased to 46 in the quarter, from 44 in the previous quarter. These stakes are valued at over $833.4 million.
In Q3, Millennium Management sold its entire stake worth $11.4 million in Capri Holdings Limited (NYSE:CPRI). The company reported EBIT margins above pre-pandemic levels for the past three consecutive quarters. Acknowledging the company’s recent performance, recently, Goldman Sachs upgraded Capri Holdings Limited (NYSE:CPRI) to Buy, with an $86 price target.
2. Bath & Body Works, Inc. (NYSE:BBWI)
Number of Hedge Fund Holders: 56
Bath & Body Works, Inc. (NYSE:BBWI) is an American retail store chain that sells skincare products and fragrances. In Q3 2021, Millennium Management sold off its entire stake in the company, which represented 0.02% of the hedge fund’s portfolio in Q2.
In the third quarter, Bath & Body Works, Inc. (NYSE:BBWI) reported a 53% growth in sales from the pre-pandemic levels in 2019. The company expects growth in its business during the holiday season as it offers market leadership in key categories. Recently, Goldman Sachs initiated its coverage on Bath & Body Works, Inc. (NYSE:BBWI) with a Buy rating and a $93 price target, due to the company’s strong brand.
In Q3 2021, the number of hedge funds tracked by Insider Monkey having stakes in Bath & Body Works, Inc. (NYSE:BBWI) grew to 56, from 53 in the previous quarter. These stakes hold a total value of over $6.5 billion, up from $6.3 billion in Q2.
1. Comcast Corporation (NASDAQ:CMCSA)
Number of Hedge Fund Holders: 75
Recently, JPMorgan listed Comcast Corporation (NASDAQ:CMCSA) as one of its top picks in the satellite sector for 2022. The firm lifted its price target on the Mississippi-based telecommunications company to $63, while maintaining an Overweight rating on the shares.
According to Insider Monkey’s data, 75 hedge funds held stakes in Comcast Corporation (NASDAQ:CMCSA) in Q3, compared with 84 in the previous quarter. These stakes hold a consolidated value of $8.54 billion. Among these hedge funds, First Eagle Investment Management was the company’s largest shareholder in Q3, holding shares worth $1.64 billion.
In Q3 2021, Millennium Management sold off its remaining stake in Comcast Corporation (NASDAQ:CMCSA), which was worth $5 million. The company reported a $50.7% year-over-year growth in its wireless revenue in Q3, driven by the growth in the customer lines and an increase in device sales.
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