Hedge Funds are Confident about These Entertainment Stocks and You Should Be Too

2. Carmike Cinemas Inc. (NASDAQ:CKEC)

Investors with Long Positions (as of June 30): 24

Aggregate Value of Investors’ Holdings (as of June 30): $140.56 Million

Carmike Cinemas Inc. (NASDAQ:CKEC) exhausted some of its appeal among the money managers observed by us, as the number of hedge funds with positions in Carmike decreased by five quarter-over-quarter, accounting for 21.60% of the company’s outstanding shares. By the same token, the value of these positions reduced by $72.27 million during the three-month period. The fourth-largest movie theater operator in the U.S. has been able to grow its business quite significantly over the past few years amid a broader industry consolidation. To be more detailed on that, the company’s screen-count has increased by 16% over the last two years. Even so, the shares of Carmike have been following the industry, losing nearly 22% since the beginning of the year. Billionaire Israel Englander’s Millennium Management is among the largest shareholders of Carmike Cinemas Inc. (NASDAQ:CKEC), within our database, with a stake of approximately 891,000 shares.