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Sothebys (BID): Are Hedge Funds Right About This Stock?

As one would reasonably expect, some big names have been driving this bullishness. Point72 Asset Management, managed by Steve Cohen, established the most valuable position in Sothebys (NYSE:BID). Point72 Asset Management had $32 million invested in the company at the end of the quarter. Benjamin A. Smith’s Laurion Capital Management also made a $3 million investment in the stock during the quarter. The other funds with new positions in the stock are Matthew Hulsizer’s PEAK6 Capital Management, Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors, and Paul Tudor Jones’ Tudor Investment Corp.

Let’s now take a look at hedge fund activity in other stocks similar to Sothebys (NYSE:BID). We will take a look at Brandywine Realty Trust (NYSE:BDN), The Geo Group, Inc. (NYSE:GEO), DiamondRock Hospitality Company (NYSE:DRH), and Euronav NV Ordinary Shares (NYSE:EURN). This group of stocks’ market values match BID’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BDN 17 152885 1
GEO 16 72961 -2
DRH 13 30147 -1
EURN 21 409682 2

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $166 million. That figure was $899 million in BID’s case. Euronav NV Ordinary Shares (NYSE:EURN) is the most popular stock in this table with a total of 21 funds reporting long positions, while DiamondRock Hospitality Company (NYSE:DRH) is the least popular one. Compared to these stocks, Sothebys (NYSE:BID) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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