Century Casinos, Inc. (CNTY): Are Hedge Funds Right About This Stock?

Earlier we told you that the aggregate hedge fund interest in Century Casinos, Inc. (NASDAQ:CNTY) was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s go over hedge fund activity in other stocks similar to Century Casinos, Inc. (NASDAQ:CNTY). We will take a look at Mediwound Ltd (NASDAQ:MDWD), PFSweb, Inc. (NASDAQ:PFSW), Jamba, Inc. (NASDAQ:JMBA), and Maxwell Technologies Inc. (NASDAQ:MXWL). This group of stocks’ market caps resemble CNTY’s market cap.

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $21 million. That figure was $36 million in CNTY’s case. PFSweb, Inc. (NASDAQ:PFSW) is the most popular stock in this table. On the other hand Maxwell Technologies Inc. (NASDAQ:MXWL) is the least popular one with only 4 bullish hedge fund positions. Century Casinos, Inc. (NASDAQ:CNTY) 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 PFSW might be a better candidate to consider taking a long position in.

Disclosure: none.