As aggregate interest increased, some big names were leading the bulls’ herd. Millennium Management, managed by Israel Englander, initiated the largest position in Ellie Mae Inc (NYSE:ELLI). Millennium Management had $7.9 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $0.8 million position during the quarter. The following funds were also among the new ELLI investors: Chao Ku’s Nine Chapters Capital Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Matthew Hulsizer’s PEAK6 Capital Management.
Let’s now take a look at hedge fund activity in other stocks similar to Ellie Mae Inc (NYSE:ELLI). These stocks are Kythera Biopharmaceuticals Inc (NASDAQ:KYTH), Masimo Corporation (NASDAQ:MASI), Kinross Gold Corporation (USA) (NYSE:KGC), and Hilltop Holdings Inc. (NYSE:HTH). This group of stocks’ market values is similar to Ellie Mae Inc (NYSE:ELLI)’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
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 $192 million. That figure was $273 million in Ellie Mae Inc (NYSE:ELLI)’s case. Kythera Biopharmaceuticals Inc (NASDAQ:KYTH) is the most popular stock in this table. On the other hand, Hilltop Holdings Inc. (NYSE:HTH) is the least popular one with only 19 bullish hedge fund positions. Compared to these stocks, Ellie Mae Inc (NYSE:ELLI) 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.