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
