Is MSG Networks Inc (MSGN) A Good Stock to Buy?

As aggregate interest increased, some big names were breaking ground themselves. Balyasny Asset Management initiated the most outsized position in MSG Networks Inc (NYSE:MSGN). Balyasny Asset Management had $20.3 million invested in the company at the end of the quarter. Beeneet Kothari’s Tekne Capital Management also initiated a $7.7 million position during the quarter. The following funds were also among the new MSGN investors: Robert B. Gillam’s McKinley Capital Management, Charles Anderson’s Fox Point Capital Management, and Mike Vranos’ Ellington.

Let’s now take a look at hedge fund activity in other stocks similar to MSG Networks Inc (NYSE:MSGN). These stocks are Express, Inc. (NYSE:EXPR), Seres Therapeutics Inc (NASDAQ:MCRB), Spartan Stores, Inc. (NASDAQ:SPTN), and CVR Refining LP (NYSE:CVRR). This group of stocks’ market caps are similar to MSGN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
EXPR 26 162962 3
MCRB 13 25183 -4
SPTN 18 55934 2
CVRR 6 52469 -1

As you can see these stocks had an average of 15.75 hedge funds with bullish positions and the average amount invested in these stocks was $74 million. That figure was $324 million in MSGN’s case. Express, Inc. (NYSE:EXPR) is the most popular stock in this table. On the other hand CVR Refining LP (NYSE:CVRR) is the least popular one with only 6 bullish hedge fund positions. MSG Networks Inc (NYSE:MSGN) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EXPR might be a better candidate to consider a long position.

Disclosure: None