Extended Stay America Inc (STAY)Hedge Funds Are Snapping Up

As aggregate interest increased, some big names have been driving this bullishness. GoldenTree Asset Management, managed by Steven Tananbaum, established the largest position in Extended Stay America Inc (NYSE:STAY). GoldenTree Asset Management had $13.2 million invested in the company at the end of the quarter. Paritosh Gupta’s Adi Capital Management also made a $7.2 million investment in the stock during the quarter. The following funds were also among the new STAY investors: Michael Platt and William Reeves’s BlueCrest Capital Mgmt., Matthew Tewksbury’s Stevens Capital Management, and D. E. Shaw’s D E Shaw.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Extended Stay America Inc (NYSE:STAY) but similarly valued. We will take a look at J2 Global Inc (NASDAQ:JCOM), PAREXEL International Corporation (NASDAQ:PRXL), Neurocrine Biosciences, Inc. (NASDAQ:NBIX), and Yandex NV (NASDAQ:YNDX). All of these stocks’ market caps match STAY’s market cap.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $353 million. That figure was $1685 million in STAY’s case. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is the most popular stock in this table, while PAREXEL International Corporation (NASDAQ:PRXL) is the least popular one. Although Extended Stay America Inc (NYSE:STAY), with 16 bullish hedge fund positions, is not the least popular stock in this group, hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are most collectively bullish on, such as, in this particular case, NBIX.