Do Hedge Funds Love Red Rock Resorts Inc (RRR)?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually cut their positions entirely. Intriguingly, Dmitry Balyasny’s Balyasny Asset Management cut the biggest investment of the “upper crust” of funds tracked by Insider Monkey, valued at close to $12.2 million in stock, and Ken Heebner’s Capital Growth Management was right behind this move, as the fund dropped about $5.7 million worth of RRR shares.

Let’s now take a look at hedge fund activity in other stocks similar to Red Rock Resorts Inc (NASDAQ:RRR). We will take a look at CIRCOR International, Inc. (NYSE:CIR), Forward Pharma A/S (NASDAQ:FWP), US Ecology Inc. (NASDAQ:ECOL), and Healthways, Inc. (NASDAQ:HWAY). All of these stocks’ market caps resemble RRR’s market cap.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $185 million. That figure was $186 million in RRR’s case. Healthways, Inc. (NASDAQ:HWAY) is the most popular stock in this table. On the other hand US Ecology Inc. (NASDAQ:ECOL) is the least popular one with only 8 bullish hedge fund positions. Red Rock Resorts Inc (NASDAQ:RRR) 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 HWAY might be a better candidate to consider taking a long position in.

Disclosure: None