Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Planet Fitness Inc (NYSE:PLNT) but similarly valued. We will take a look at Healthequity Inc (NASDAQ:HQY), Mack Cali Realty Corp (NYSE:CLI), Matson, Inc. (NYSE:MATX), and Alexander & Baldwin Inc (NYSE:ALEX). This group of stocks’ market valuations match PLNT’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
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 $102 million. That figure was $62 million in PLNT’s case. Mack Cali Realty Corp (NYSE:CLI) is the most popular stock in this table. On the other hand Alexander & Baldwin Inc (NYSE:ALEX) is the least popular one with only 12 bullish hedge fund positions. Planet Fitness Inc (NYSE:PLNT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CLI might be a better candidate to consider a long position in.