Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30th. In this article we are going to take a look at smart money sentiment towards Everyday Health Inc (NYSE:EVDY).
Is Everyday Health Inc (NYSE:EVDY) a cheap investment today? The best stock pickers are buying. The number of bullish hedge fund positions moved up by two lately. At the end of this article, we will also compare Everyday Health Inc (NYSE:EVDY) to other stocks including FRP Holdings Inc (NASDAQ:FRPH), Digi International Inc. (NASDAQ:DGII), and PHI Inc. (NASDAQ:PHIIK) to get a better sense of its popularity.
At the moment, there are numerous methods investors employ to value their stock investments. Some of the best methods are hedge fund and insider trading sentiment. Experts at hedge fund tracking site Insider Monkey have shown that, historically, those who follow the best picks of the top money managers can outclass their index-focused peers by a significant margin (see the details here).
Now, let’s take a look at the key action regarding Everyday Health Inc (NYSE:EVDY).
What have hedge funds been doing with Everyday Health Inc (NYSE:EVDY)?
At Q3’s end, a total of nine of the hedge funds tracked by Insider Monkey were long in this stock, up by 29% from the second quarter. With hedgies’ sentiment swirling, there exists a select group of key hedge fund managers who were increasing their holdings meaningfully.
When looking at the hedgies followed by Insider Monkey, Alyeska Investment Group, managed by Anand Parekh, holds the most valuable position in Everyday Health Inc (NYSE:EVDY). Alyeska Investment Group has a $2.7 million position in the stock, comprising less than 0.1% of its 13F portfolio. The second-most bullish hedge fund manager is Citadel Investment Group, managed by Ken Griffin, which holds a $1.1 million position; less than 0.1% of its 13F portfolio is allocated to the company. Remaining hedge funds that are bullish contain D E Shaw, Chao Ku’s Nine Chapters Capital Management, and Israel Englander’s Millennium Management.
Consequently, key money managers have jumped into Everyday Health Inc (NYSE:EVDY) headfirst. Millennium Management assembled the most valuable position in Everyday Health Inc (NYSE:EVDY). Millennium Management had $0.3 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also made a $0.1 million investment in the stock during the quarter. The other funds with new positions in the stock are Steve Cohen’s Point72 Asset Management, and Citadel Investment Group.
Let’s also review hedge fund activity in other stocks similar to Everyday Health Inc (NYSE:EVDY). These stocks are FRP Holdings Inc (NASDAQ:FRPH), Digi International Inc. (NASDAQ:DGII), PHI Inc. (NASDAQ:PHIIK), and Republic Airways Holdings Inc. (NASDAQ:RJET). This group of stocks’ market caps resemble EVDY’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $58 million, while just $5.7 million was invested in Everyday Health. Republic Airways Holdings Inc. (NASDAQ:RJET) is the most popular stock in this table. On the other hand FRP Holdings Inc (NASDAQ:FRPH) is the least popular one with only five bullish hedge fund positions. Everyday Health Inc (NYSE:EVDY) is not the least popular stock in this group but hedge fund interest is still below average, and hedge funds are underweight, owning just 1.90% of its shares. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RJET might be a better candidate to consider a long position in.