Judging by the fact that Pinnacle Entertainment Inc (NYSE:PNK) has faced flat sentiment from the entirety of the hedge funds we track, we can see that there exists a select few hedge funds who sold off their full holdings heading into Q4. Interestingly, Daniel Lascano’s Lomas Capital Management dropped the largest stake of the “upper crust” of funds followed by Insider Monkey, worth close to $12.3 million in stock. Edward Goodnow’s fund, Goodnow Investment Group, also dumped its stock, about $3.4 million worth. These transactions are intriguing to say the least, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Pinnacle Entertainment Inc (NYSE:PNK) but similarly valued. We will take a look at H&E Equipment Services, Inc. (NASDAQ:HEES), Inovio Pharmaceuticals Inc (NYSEAMEX:INO), EarthLink, Inc. (NASDAQ:ELNK), and Nimble Storage Inc (NYSE:NMBL). This group of stocks’ market values are closest to PNK’s market value.
|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 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $79 million. That figure was $235 million in PNK’s case. EarthLink, Inc. (NASDAQ:ELNK) is the most popular stock in this table. On the other hand Inovio Pharmaceuticals Inc (NYSEAMEX:INO) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Pinnacle Entertainment Inc (NYSE:PNK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio, despite the stagnating interest in it.