Patriot National Inc (PN): Hedge Funds Are Snapping Up

With a general bullishness amongst the heavyweights, specific money managers have been driving this bullishness. Pyrrho Capital Management, established the largest position in Patriot National Inc (NYSE:PN). Pyrrho Capital Management had $1.2 million invested in the company at the end of the quarter. Adam Usdan’s Trellus Management Company also made a $0.5 million investment in the stock during the quarter. The other funds with new positions in the stock are Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital, Matthew Hulsizer’s PEAK6 Capital Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Patriot National Inc (NYSE:PN) but similarly valued. These stocks are JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO), LSB Industries, Inc. (NYSE:LXU), Star Bulk Carriers Corp. (NASDAQ:SBLK), and Tabula Rasa HealthCare Inc (NASDAQ:TRHC). This group of stocks’ market caps resemble PN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
JASO 6 4830 -2
LXU 8 31284 -1
SBLK 6 163101 -1
TRHC 6 13360 6

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $53 million. That figure was $17 million in PN’s case. LSB Industries, Inc. (NYSE:LXU) is the most popular stock in this table. On the other hand JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO) is the least popular one with only 6 bullish hedge fund positions. Patriot National Inc (NYSE:PN) 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 LXU might be a better candidate to consider taking a long position in.

Disclosure: None