As aggregate interest increased, specific money managers were leading the bulls’ herd. Balyasny Asset Management, led by Dmitry Balyasny, established the biggest position in Wingstop Inc (NASDAQ:WING). According to regulatory filings, the fund had $4.8 million invested in the company at the end of the quarter. Millennium Management, one of the largest hedge funds in the world, also initiated a $2.6 million position during the quarter. The following funds were also among the new WING investors: Matthew Hulsizer’s PEAK6 Capital Management and Ken Griffin’s Citadel Investment Group.
Let’s go over hedge fund activity in other stocks similar to Wingstop Inc (NASDAQ:WING). We will take a look at ICF International Inc (NASDAQ:ICFI), AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG), Klondex Mines Ltd (NYSE:KLDX), and Teladoc Inc (NYSE:TDOC). This group of stocks’ market caps are closest to WING’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 $97 million. That figure was $87 million in WING’s case. AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) is the most popular stock in this table. On the other hand Teladoc Inc (NYSE:TDOC) is the least popular one with only 6 bullish hedge fund positions. Wingstop Inc (NASDAQ:WING) is not the least popular stock in this group but 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 piling on. In this regard AMAG might be a better candidate to consider taking a long position in.