What does the smart money think about PriceSmart, Inc. (NASDAQ:PSMT)?
Heading into the second quarter, a total of nine of the hedge funds tracked by Insider Monkey were bullish in this stock, a change of 80% from one quarter earlier. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were upping their holdings meaningfully.
Of the funds tracked by Insider Monkey, Steve Cohen’s Point72 Asset Management had the most valuable position in PriceSmart, Inc. (NASDAQ:PSMT), worth close to $12.7 million, with 150,000 shares comprising 0.1% of its total 13F portfolio. Coming in second was Renaissance Technologies, managed by Jim Simons, which held a $7.8 million position of 92,000 shares; the fund had less than 0.1% of its 13F portfolio invested in the stock. Some other peers that are bullish include George McCabe’s Portolan Capital Management, Ken Griffin’s Citadel Investment Group, and Peter Muller’s PDT Partners.
As one would reasonably expect, key hedge funds were leading the bulls’ herd. Portolan Capital Management opened a new $5.8 million position in the stock during the quarter. The other funds with brand new PriceSmart positions are PDT Partners, and Israel Englander’s Millennium Management.
Bullish hedge fund sentiment and growth in net sales during the fiscal third quarter are positive indicators of growth. Its shares are marginally up year-to-date and the firm reported 13% growth in EPS despite missing the markets’ expectations. All told, we recommend a buy of PriceSmart at this time.