Is Everi Holdings Inc (EVRI) Going to Burn These Hedge Funds?

We can judge whether Everi Holdings Inc (NYSE:EVRI) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There’s no better way to get these firms’ immense resources and analytical capabilities working for us than to follow their lead into their best ideas. While not all of these picks will be winners, research shows that these picks historically outperformed the market when we factor in known risk factors.

Everi Holdings Inc (NYSE:EVRI) was in 16 hedge funds’ portfolios at the end of September. Everi Holdings Inc (NYSE:EVRI) has experienced a decrease in hedge fund sentiment recently. There were 22 hedge funds in our database with Everi Holdings Inc (NYSE:EVRI) holdings at the end of the previous quarter. At the end of this article, we will also compare Everi Holdings Inc (NYSE:EVRI) to other stocks including American Vanguard Corp. (NYSE:AVD), Enova International Inc (NYSE:ENVA), and First Bancorp (NASDAQ:FBNC) to get a better sense of its popularity.

In the financial world, there are a multitude of formulas market participants have at their disposal to grade their holdings. Some of the most underrated formulas are hedge fund and insider trading indicators. Our researchers have shown that, historically, those who follow the top picks of the top hedge fund managers can outpace the broader indices by a significant margin (see the details here).

With all of this in mind, let’s take a gander at the recent action encompassing Everi Holdings Inc (NYSE:EVRI).

How have hedgies been trading Everi Holdings Inc (NYSE:EVRI)?

At the end of Q3, a total of 16 of the hedge funds tracked by Insider Monkey were long this stock, a drop of 27% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).

Of the funds tracked by Insider Monkey, David Steinberg’s MAST Capital has the most valuable position in Everi Holdings Inc (NYSE:EVRI), worth close to $43.2 million, amounting to 62.4% of its total 13F portfolio. The second most bullish fund manager is William C. Martin of Raging Capital Management, with a $13.3 million position; the fund has 1.7% of its 13F portfolio invested in the stock. Other professional money managers that are bullish encompass D E Shaw, Gregg J. Powers’s Private Capital Management, and Andy Redleaf’s Whitebox Advisors.