Hedge Funds Like What Panera Bread Co (PNRA) Is Cooking Up

Now, key hedge funds were breaking ground themselves. Citadel Investment Group, managed by Ken Griffin, created the most outsized call position in Panera Bread Co (NASDAQ:PNRA). Citadel Investment Group had $10.2 million invested in the company at the end of the quarter. Gregg Moskowitz’s Interval Partners also initiated a $9.7 million position during the quarter. The following funds were also among the new PNRA investors: Leon Shaulov’s Maplelane Capital, Sander Gerber’s Hudson Bay Capital Management, and Bruce Kovner’s Caxton Associates LP.

Let’s go over hedge fund activity in other stocks similar to Panera Bread Co (NASDAQ:PNRA). These stocks are RenaissanceRe Holdings Ltd. (NYSE:RNR), Old Republic International Corporation (NYSE:ORI), Voya Financial Inc (NYSE:VOYA), and Tegna Inc (NYSE:TGNA). This group of stocks’ market values resemble PNRA’s market value.

As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $547 million. That figure was $370 million in PNRA’s case. Voya Financial Inc (NYSE:VOYA) is the most popular stock in this table. On the other hand RenaissanceRe Holdings Ltd. (NYSE:RNR) is the least popular one with only 17 bullish hedge fund positions. Panera Bread Co (NASDAQ:PNRA) is not the most popular stock in this group but hedge fund interest is still above average and growing fast. This is a positive signal, though we’re more impressed by the hedge fund ownership and money invested in VOYA, which might be a better candidate to consider a long position in.

Disclosure: None