Pace Holdings Corp (PACE): Hedge Fund Sentiment Unchanged

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that sold off their entire stakes in the stock during the third quarter. At the top of the heap, Jamie Mendola’s Pacific Grove Capital sold off the biggest investment of all the investors tracked by Insider Monkey, comprising about $6 million in stock. Sander Gerber’s fund, Hudson Bay Capital Management, also dumped its stock, about $1.5 million worth.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Pace Holdings Corp (NASDAQ:PACE) but similarly valued. These stocks are Vera Bradley, Inc. (NASDAQ:VRA), Nanometrics Incorporated (NASDAQ:NANO), PDL BioPharma Inc. (NASDAQ:PDLI), and Inteliquent (NASDAQ:IQNT). This group of stocks’ market caps are closest to PACE’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $88 million. That figure was $235 million in PACE’s case. PDL BioPharma Inc. (NASDAQ:PDLI) is the most popular stock in this table. On the other hand Inteliquent (NASDAQ:IQNT) is the least popular one with only 13 bullish hedge fund positions. Pace Holdings Corp (NASDAQ:PACE) 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 PDLI might be a better candidate to consider taking a long position in.

Disclosure: None