Hedge Funds Are Dumping Intrepid Potash, Inc. (IPI)

Seeing as Intrepid Potash, Inc. (NYSE:IPI) has witnessed a declination in interest from the aggregate hedge fund industry, it’s safe to say that there was a specific group of hedgies that decided to sell off their entire stakes in the third quarter. Intriguingly, Israel Englander’s Millennium Management dumped the largest stake of the 700 funds tracked by Insider Monkey, worth about $2.4 million in stock. Neil Chriss’ fund, Hutchin Hill Capital, also dropped its holding, about $1.4 million worth. These bearish behaviors are important to note, as total hedge fund interest fell by 2 funds in the third quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Intrepid Potash, Inc. (NYSE:IPI) but similarly valued. We will take a look at Homeowners Choice Inc (NYSE:HCI), Lakeland Bancorp, Inc. (NASDAQ:LBAI), Eldorado Resorts Inc (NASDAQ:ERI), and Green Plains Partners LP (NASDAQ:GPP). All of these stocks’ market caps are closest to IPI’s market cap.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $42 million, higher than the $26 million in IPI’s case. Eldorado Resorts Inc (NASDAQ:ERI) is the most popular stock in this table with a total of 12 funds reporting long positions. On the other hand Green Plains Partners LP (NASDAQ:GPP) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks, Intrepid Potash, Inc. (NYSE:IPI) 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.