Hedge fund activity in Expedia Inc (NASDAQ:EXPE)
According to Insider Monkey’s hedge fund database, Paul Reeder and Edward Shapiro’s PAR Capital Management had the largest position in Expedia Inc (NASDAQ:EXPE), with around 3.7 million shares worth close to $344.5 million, accounting for 7.9% of its total 13F portfolio at the end of March. On PAR Capital Management’s heels was Tourbillon Capital Partners, managed by Jason Karp, which held around 3.4 million shares valued at $322.9 million; 8.3% of its 13F portfolio was allocated to the stock. Remaining hedgies with similar optimism included Robert Pitts‘ Steadfast Capital Management, Brad Gerstner’s Altimeter Capital Management, and Israel Englander‘s Millennium Management.
Despite the fact that some hedge funds opted to walk out of this stock during the first three months of the year, a few other hedge funds strengthened their position in the stock during that time, and they were right to do so, as the stock has gained around 20% since the end of March. Notably, Jason Karp’s fund had just 760,000 shares at the end of 2014, but increased its holding by a whopping 352% during the first quarter. Dmitry Balyasny’s Balyasny Asset Management and Ken Griffin’s Citadel Investment Group also increased their holdings in the stock, by 6,940% and 3,600% respectively during the first trimester. On the contrary, Daniel S. Och’s OZ Management dropped the largest investment in the stock, by selling all of its 2.4 million shares.
Hedge funds were rather bullish on Expedia Inc (NASDAQ:EXPE), as top hedge fund managers like Ken Griffin opted to significantly increase their positions in the stock during the first three months of 2015. Considering strong second quarter results and positive smart money sentiment, we recommend a long position in this stock at the moment.