Finish Line Inc (FINL) Posts Strong Earnings, Shares Soar In Pre-Market Trading

Hedge fund activity in Finish Line Inc (NASDAQ:FINL)

Heading into the second quarter, a total of 23 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 21% from the fourth quarter. With hedge funds’ sentiment swirling, there exists a select group of notable hedge fund managers who were boosting their stakes substantially.

Of the funds tracked by Insider Monkey, Chuck Royce’s Royce & Associates had the largest position in Finish Line Inc (NASDAQ:FINL), worth close to $125.2 million, comprising 0.5% of its total 13F portfolio. Coming in second was Citadel Investment Group, led by Ken Griffin, holding a $26.8 million position; the fund has less than 0.1% of its massive 13F portfolio invested in the stock. Other members of the smart money that are bullish consist of Steve Cohen’s Point72 Asset Management, Israel Englander’s Millennium Management, and Jerome Debs’ Bodri Capital Management.

Consequently, specific money managers have been driving this bullishness. PDT Partners, managed by Peter Muller, assembled the most valuable position in Finish Line Inc (NASDAQ:FINL). PDT Partners had $3.9 million invested in a new position in the company at the end of the first quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP also made a $2.9 million investment in the stock during the quarter. The other funds with new positions in the stock are Steven Owsley’s Madison Street Partners, David Costen Haley’s HBK Investments, and John Overdeck and David Siegel’s Two Sigma Advisors.

With an increase in hedge fund sentiment and strong first quarter fiscal 2016 results, we believe the finish line has yet to be reached on Finish Line’s run, and recommend it as a buy.

Disclosure: None