Hedge Funds Are Betting On Wingstop Inc (WING)

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
ICFI 11 37753 2
AMAG 19 261026 0
KLDX 8 42753 1
TDOC 6 46224 -1

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.

Disclosure: none.