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Do Hedge Funds Love Callaway Golf Co (ELY)?

Due to the fact that Callaway Golf Co (NYSE:ELY) has faced declining sentiment from the smart money, it’s safe to say that there were a few hedgies that elected to cut their positions entirely in the third quarter. Intriguingly, Andy Redleaf’s Whitebox Advisors sold off the largest position of the 700 funds watched by Insider Monkey, totaling an estimated $12.2 million in stock. John M. Angelo and Michael L. Gordon’s fund, Angelo Gordon & Co, also sold off its stock, about $5.2 million worth. These moves are important to note, as total hedge fund interest fell by 1 funds in the third quarter.

Let’s go over hedge fund activity in other stocks similar to Callaway Golf Co (NYSE:ELY). These stocks are PROS Holdings, Inc. (NYSE:PRO), Flamel Technologies S.A. (ADR) (NASDAQ:FLML), Intersect ENT Inc (NASDAQ:XENT), and Eastman Kodak Co. (NYSE:KODK). This group of stocks’ market values match ELY’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PRO 5 80152 1
FLML 13 189664 -4
XENT 16 57623 -7
KODK 11 183081 -2

As you can see these stocks had an average of 11.25 hedge funds with bullish positions and the average amount invested in these stocks was $128 million. That figure was $145 million in ELY’s case. Intersect ENT Inc (NASDAQ:XENT) is the most popular stock in this table. On the other hand PROS Holdings, Inc. (NYSE:PRO) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Callaway Golf Co (NYSE:ELY) 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.

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