Hedge Funds Are Selling Yelp Inc (YELP)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that sold off their entire stakes in the stock during the third quarter. Interestingly, John Burbank’s Passport Capital sold off the biggest investment of the 700 funds watched by Insider Monkey, worth an estimated $23.4 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund sold off about $18.2 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Yelp Inc (NYSE:YELP) but similarly valued. These stocks are The Hanover Insurance Group, Inc. (NYSE:THG), Catalent Inc (NYSE:CTLT), Cedar Fair, L.P. (NYSE:FUN), and ITT Corp (NYSE:ITT). This group of stocks’ market values resemble YELP’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
THG 16 172459 -3
CTLT 18 132067 6
FUN 12 160605 2
ITT 17 181338 3

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $162 million. That figure was $1.09 billion in YELP’s case. Catalent Inc (NYSE:CTLT) is the most popular stock in this table. On the other hand Cedar Fair, L.P. (NYSE:FUN) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks Yelp Inc (NYSE:YELP) 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.

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