Do Hedge Funds Love Isle of Capri Casinos (ISLE)?

With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. McKinley Capital Management, managed by Robert B. Gillam, created the most outsized position in Isle of Capri Casinos (NASDAQ:ISLE). McKinley Capital Management had $3 million invested in the company at the end of the quarter. David Costen Haley’s HBK Investments also made a $1.8 million investment in the stock during the quarter. The only other fund with a new position in the stock is Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Isle of Capri Casinos (NASDAQ:ISLE) but similarly valued. We will take a look at Wabash National Corporation (NYSE:WNC), Roadrunner Transportation Systems Inc (NYSE:RRTS), Merge Healthcare Inc. (NASDAQ:MRGE), and The Providence Service Corporation (NASDAQ:PRSC). This group of stocks’ market valuations are closest to ISLE’s market valuation.

As you can see these stocks had an average of 15.5 hedge funds with bullish positions and the average amount invested in these stocks was $88 million. That figure was $78 million in ISLE’s case. Wabash National Corporation (NYSE:WNC) is the most popular stock in this table. On the other hand Roadrunner Transportation Systems Inc (NYSE:RRTS) is the least popular one with only 11 bullish hedge fund positions. Isle of Capri Casinos (NASDAQ:ISLE) 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 WNC might be a better candidate to consider a long position.