Hedge Funds Are Selling Penn National Gaming, Inc (PENN)

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. It’s worth mentioning that Jacob Doft’s Highline Capital Management dumped the largest stake of the “upper crust” of funds followed by Insider Monkey, comprising an estimated $20.4 million in stock. Joel Greenblatt’s fund, Gotham Asset Management, also cut its stock, about $6 million worth.

Let’s check out hedge fund activity in other stocks similar to Penn National Gaming, Inc (NASDAQ:PENN). We will take a look at Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI), BancFirst Corporation (NASDAQ:BANF), First Bancorp (NYSE:FBP), and Installed Building Products Inc (NYSE:IBP). This group of stocks’ market values are closest to PENN’s market value.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $100 million. That figure was $327 million in PENN’s case. First Bancorp (NYSE:FBP) is the most popular stock in this table. On the other hand BancFirst Corporation (NASDAQ:BANF) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Penn National Gaming, Inc (NASDAQ:PENN) 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.

Disclosure: None