Hedge Funds Are Selling Wynn Resorts, Limited (WYNN)

Judging by the fact that Wynn Resorts, Limited (NASDAQ:WYNN) has experienced a bearish sentiment from hedge fund managers, it’s safe to say that there was a specific group of hedgies that elected to cut their positions entirely last quarter. Interestingly, John Griffin’s Blue Ridge Capital sold off the largest investment of the 700 funds monitored by Insider Monkey, valued at an estimated $77.9 million in stock, and Malcolm Fairbairn’s Ascend Capital was right behind this move, as the fund said goodbye to about $47.3 million worth. These moves are interesting, as total hedge fund interest dropped by 1 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to Wynn Resorts, Limited (NASDAQ:WYNN). We will take a look at Hudson City Bancorp, Inc. (NASDAQ:HCBK), Targa Resources Partners LP (NYSE:NGLS), Newfield Exploration Co. (NYSE:NFX), and Enable Midstream Partners LP (NYSE:ENBL). This group of stocks’ market caps match WYNN’s market cap.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $395 million. That figure was $1.07 billion in WYNN’s case. Newfield Exploration Co. (NYSE:NFX) is the most popular stock in this table, while Enable Midstream Partners LP (NYSE:ENBL) is the least popular one with only 4 bullish hedge fund positions. Wynn Resorts, Limited (NASDAQ:WYNN) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard NFX might be a better candidate to consider a long position.