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Smart Money Confidence in Golden Entertainment Inc (GDEN) Preceded Breakout

Consequently, specific money managers have jumped into Golden Entertainment Inc (NASDAQ:GDEN) headfirst. Cove Street Capital, managed by Jeffrey Bronchick, initiated the biggest position in Golden Entertainment Inc (NASDAQ:GDEN). Cove Street Capital had $6.9 million invested in the company at the end of the quarter. Wilmot B. Harkey and Daniel Mack’s Nantahala Capital Management also initiated a $6.2 million position during the quarter. The other funds with new positions in the stock are PAR Capital Management, Renaissance Technologies, and GAMCO Investors.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Golden Entertainment Inc (NASDAQ:GDEN) but similarly valued. These stocks are Upland Software Inc (NASDAQ:UPLD), Community Healthcare Trust Inc (NYSE:CHCT), JG Wentworth Co (NYSE:JGW), and API Technologies Corp (NASDAQ:ATNY). All of these stocks’ market caps match GDEN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
UPLD 4 2966 1
CHCT 4 14821 0
JGW 4 22279 -4
ATNY 5 25565 0

As you can see these stocks had an average of 4 hedge funds with bullish positions and the average amount invested in these stocks was $16 million. That figure was $21 million in GDEN’s case. API Technologies Corp (NASDAQ:ATNY) is the most popular stock in this table. On the other hand Upland Software Inc (NASDAQ:UPLD) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Golden Entertainment Inc (NASDAQ:GDEN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and appear to have timed its surge well, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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