Endurance International Group Hldgs Inc (EIGI): Hedge Funds Are Snapping Up

Consequently, key hedge funds have jumped into Endurance International Group Hldgs Inc (NASDAQ:EIGI) headfirst. Symmetry Peak Management assembled the most outsized position in Endurance International Group Hldgs Inc (NASDAQ:EIGI). Symmetry Peak Management had $0.6 million invested in the company at the end of the quarter. Ellington also initiated a $0.2 million position during the quarter. The following funds were also among the new EIGI investors: Jim Simons’ Renaissance Technologies and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s go over hedge fund activity in other stocks similar to Endurance International Group Hldgs Inc (NASDAQ:EIGI). We will take a look at Asbury Automotive Group, Inc. (NYSE:ABG), Guess?, Inc. (NYSE:GES), Precision Drilling Corp (USA) (NYSE:PDS), and Aerojet Rocketdyne Holdings Inc (NYSE:AJRD). All of these stocks’ market caps are similar to EIGI’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ABG 21 425623 1
GES 15 62779 4
PDS 7 45552 0
AJRD 14 271637 -2

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $201 million. That figure was $66 million in EIGI’s case. Asbury Automotive Group, Inc. (NYSE:ABG) is the most popular stock in this table. On the other hand Precision Drilling Corp (USA) (NYSE:PDS) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Endurance International Group Hldgs Inc (NASDAQ:EIGI) is even less popular than PDS. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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Disclosure: None