What do Hedge Funds Think of Global Eagle Acquisition Corp (ENT)?

Seeing as Global Eagle Acquisition Corp (NASDAQ:ENT) has experienced declining sentiment from the smart money, we can see that there were a few funds who were dropping their positions entirely last quarter. It’s worth mentioning that Israel Englander’s Millennium Management dropped the largest position of the “upper crust” of funds monitored by Insider Monkey, comprising about $2.6 million in stock. Craig A. Drill’s fund, Craig Drill Capital, also sold off its stock, about $1 million worth. These transactions are interesting, as total hedge fund interest fell by 2 funds last quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Global Eagle Acquisition Corp (NASDAQ:ENT) but similarly valued. We will take a look at BroadSoft Inc (NASDAQ:BSFT), Qiwi PLC (NASDAQ:QIWI), United Fire Group, Inc. (NASDAQ:UFCS), and CONN’S, Inc. (NASDAQ:CONN). This group of stocks’ market caps match ENT’s market cap.

As you can see these stocks had an average of 10.5 hedge funds with bullish positions and the average amount invested in these stocks was $165 million. That figure was $443 million in ENT’s case. BroadSoft Inc (NASDAQ:BSFT) is the most popular stock in this table. On the other hand Qiwi PLC (NASDAQ:QIWI) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Global Eagle Acquisition Corp (NASDAQ:ENT) 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 despite the number of funds long the stock dropping by 2.