Moving on to Summit Hotel Properties Inc (NYSE:INN), a hotel investment company, we see President and Chief Executive Officer Daniel Hansen bought a total of 10,000 shares at an average price of $12.19 per share in six transactions yesterday. Moreover, Director Thomas W. Storey bought 8,000 Summit Hotel Properties Inc shares at a price of $12.51 per share on August 10. Yesterday, the firm paid out a $0.12 per share dividend and the stock closed down by 1.39%. That move down is miniscule, nonetheless, compared to the 29.25% quarter-over-quarter decline of hedge fund holdings in the company in the first quarter. The outflow of capital from the smart money is more pronounced taking into account the 13.1% increase in the stock’s price in the first quarter. Hedge funds were proven right in the second quarter as the stock declined by 7.53%. Year-to-date, the stock has slid by 3.09% but over the last year, it is up by 13.22%. In addition, it should be noted that the stock is viewed as a solid investment by the hedge funds Insider Monkey follows, as they owned 6.36% of all Summit Hotel Properties’ shares as of March 31. The shareholder with the largest stake in Summit Hotel Properties Inc (NYSE:INN) at hat was J. Alan Reid, Jr.’s Forward Management with 2.85 million shares worth about $40.1 million. Ken Heebner’s Capital Growth Management dumped the largest investment of the 700 funds monitored by Insider Monkey in the first quarter, selling about 1.3 million shares worth $16.16 million.
Meanwhile, TrovaGene Inc (NASDAQ:TROV), a disease diagnostic technology development firm, also saw significant insider purchases yesterday. Chief Executive Officer Antonius Schuh, Chief Financial Officer Steve Zaniboni, and Director Stanley Tennant all bought shares yesterday. Mr. Schuh acquired 20,000 shares at $5.45 per share, while Mr. Zaniboni and Mr. Tennant secured 15,000 shares and 10,000 shares, respectively, at prices of $5.43 per share. TrovaGene reported its second quarter earnings results on Monday, failing to meet Wall Street estimates as it posted a loss per share of $0.24 with its adjusted loss pegged at $0.28 per share. The firm’s revenues also decreased by over 10% to $500,000. It should be pointed out, however, that the smart money is bullish on TrovaGene. There was a 166.09% increase in hedge fund holdings in the firm during the first quarter compared to the previous quarter. Though tempered by a 58.37% increase in the stock’s price in the first three months of the year, this was still a very significant growth in investments from hedge funds. The stock did not disappoint with its 49.05% growth in the second quarter. The stock has grown by 44.19% from the start of the year and by a more impressive 94.97% in the last 12 months. Moreover, as of March 31 a total of 17.03% of the company’s shares were owned by hedge funds we track, which means the smart money is overweight on the stock. Roberto Mignone’s Bridger Management held the most valuable position in TrovaGene Inc (NASDAQ:TROV) among those funds as of March 31, owning 2.85 million shares worth about $19.4 million. Peter Kolchinsky’s RA Capital Management was in second place on said date with its 594,200 shares, all of which it bought in the first quarter.