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Is Ellie Mae Inc (ELLI) A Good Stock To Buy?

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
KYTH 24 448143 -7
MASI 23 124088 4
KGC 21 148374 -2
HTH 19 49050 -2

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.

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