Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hedge Fund Sentiment Is Stagnant On Pinnacle Entertainment Inc (PNK)

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
HEES 14 30917 3
INO 5 3606 -3
ELNK 20 97904 -2
NMBL 19 182228 5

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.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.