More and More Hedge Funds Are Selling eBay Inc (EBAY)

Judging by the fact that eBay Inc (NASDAQ:EBAY) has faced falling interest from the entirety of the hedge funds we track, logic holds that there were a few hedge funds who were dropping their entire positions heading into Q4. At the top of the heap, David Blood and Al Gore’s Generation Investment Management cut the largest investment of all the hedgies followed by Insider Monkey, comprising about $106.1 million in stock, while Mehdi Mahmud’s First Eagle Investment Management was right behind this move, as the fund sold off about $45.3 million worth of stock. These transactions are interesting, as total hedge fund interest fell by 5 funds heading into Q4.

Let’s now take a look at hedge fund activity in other stocks similar to eBay Inc (NASDAQ:EBAY). These stocks are NXP Semiconductors NV (NASDAQ:NXPI), Humana Inc (NYSE:HUM), Imperial Oil Limited (USA) (NYSEAMEX:IMO), and Dollar General Corp. (NYSE:DG). All of these stocks’ market caps resemble EBAY’s market cap.

As you can see these stocks had an average of 50.75 hedge funds with bullish positions and the average amount invested in these stocks was $2.46 billion. That figure was $3.71 billion in EBAY’s case. NXP Semiconductors NV (NASDAQ:NXPI) is the most popular stock in this table. On the other hand Imperial Oil Limited (USA) (NYSEAMEX:IMO) is the least popular one with only 6 bullish hedge fund positions. eBay Inc (NASDAQ:EBAY) 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. Given eBay’s recent loss of hedge fund support, NXPI might be a better candidate to consider a long position.

Disclosure: None