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

Consequently, key hedge funds were leading the bulls’ herd. Okumus Fund Management, managed by Ahmet Okumus, established the most valuable position in Endurance International Group Hldgs Inc (NASDAQ:EIGI) worth close to $15.9 million at the end of the quarter. Israel Englander’s Millennium Management also made a $1 million investment in the stock during the quarter. The following funds were also among the new EIGI investors: William C. Martin’s Raging Capital Management, Dmitry Balyasny’s Balyasny Asset Management, and Ken Griffin’s Citadel Investment Group.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Endurance International Group Hldgs Inc (NASDAQ:EIGI) but similarly valued. We will take a look at Pinnacle Financial Partners (NASDAQ:PNFP), Silicon Laboratories (NASDAQ:SLAB), CVB Financial Corp. (NASDAQ:CVBF), and Selective Insurance Group (NASDAQ:SIGI). This group of stocks’ market values are similar to EIGI’s market value.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $134 million in EIGI’s case, which significantly bolsters its case. Selective Insurance Group (NASDAQ:SIGI) is the most popular stock in this table. On the other hand CVB Financial Corp. (NASDAQ:CVBF) is the least popular one with only 5 bullish hedge fund positions. Although Endurance International Group Hldgs Inc (NASDAQ:EIGI) is just behind SIGI with 18 long hedge fund position, you should not hurry to dismiss it. We recommend an in-depth analysis of both stocks to find out which one is a better candidate for a long position.