Hedge funds are not perfect. They have their bad picks just like everyone else. Micron, a stock hedge funds have loved, lost 50% during the last 12 months ending in October 30. Although hedge funds are not perfect, their consensus picks do deliver solid returns, however. Our data show the top 30 S&P 500 stocks among hedge funds at the end of September 2014 yielded an average return of 9.5% in the same time period, vs. a gain of 5.2% for the S&P 500 Index. Because hedge funds have a lot of resources and their consensus picks do well, we pay attention to what they think. In this article, we analyze what the elite funds think of Ignite Restaurant Group Inc (NASDAQ:IRG).
Ignite Restaurant Group Inc (NASDAQ:IRG) was in 8 hedge funds’ portfolios at the end of the third quarter of 2015. IRG has experienced an increase in support from the world’s most elite money managers recently. There were 6 hedge funds in our database with IRG holdings at the end of the previous quarter. At the end of this article we will also compare IRG to other stocks including Vince Holding Corp (NYSE:VNCE), Liberator Medical Holdings Inc (NYSEMKT:LBMH), and Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) to get a better sense of its popularity.
With all of this in mind, we’re going to take a look at the key action regarding Ignite Restaurant Group Inc (NASDAQ:IRG).
How have hedgies been trading Ignite Restaurant Group Inc (NASDAQ:IRG)?
At Q3’s end, a total of 8 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 33% from the second quarter. With hedge funds’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were increasing their stakes significantly (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Skylands Capital, managed by Charles Paquelet, holds the largest position in Ignite Restaurant Group Inc (NASDAQ:IRG). Skylands Capital has a $6.4 million position in the stock, comprising 0.9% of its 13F portfolio. On Skylands Capital’s heels is Chuck Royce of Royce & Associates, with a $3 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism consist of Bryant Regan’s Lafitte Capital Management, Jim Simons’s Renaissance Technologies and Ken Grossman and Glen Schneider’s SG Capital Management.