The shares of XO Group Inc (NYSE:XOXO), a company that provides wedding-related services to clients, witnessed an early-morning boost of 3.9% on Friday morning following a supreme court ruling that established a new civil right legalizing same-sex couples’ marriages, although the shares later gave back most of the gains to finish the day ahead by 0.56%. While writing the judgement, Justice Anthony Kennedy wrote, “Their hope is not to be condemned to live in loneliness, excluded from one of civilization’s oldest institutions. They ask for equal dignity in the eyes of the law. The Constitution grants them that right.” With this ruling, the U.S. has become the 21st country to have rights for same-sex marriage throughout the country. The Knot, a multi-platform brand of XO Group, released its third-annual LGBTQ Wedding Study that covers trends, spending habits, and wedding traditions among same-sex couples. Anja Winikka, site director of the Knot, said, “As we celebrate the Supreme Court’s decision to legalize marriage equality for the entire country, our study shows that LGBTQ couples are hosting intimate weddings, with a focus on the guest experience and lots of personalized details.”
This ruling could help lift the shares of the company further and give it a necessary boost, as it naturally allows for more potential clients in need of its services. Despite the 11.92% drop in the share value of XO Group Inc (NYSE:XOXO), insiders have placed confidence in the company. While evaluating the value of a stock, considering insider activity could help uncover profit-making opportunities in the company, as previous studies have shown. There have been three insider purchases of XO Group’s stock in the last six months, with Charles C. Baker, Board Member, making the largest purchase of 6,000 shares on March 17, followed by a purchase of 4,500 shares made by Director Barbara Messing on May 13. Among the hedge funds tracked by Insider Monkey, 16 have made investments in XO Group Inc (NYSE:XOXO) with net investments worth $153.57 million. That was a slight decline from the 17 funds that held $168.84 million in shares at the end of 2014.
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For a better understanding of hedge fund activity in XO Group Inc (NYSE:XOXO), we’re going to take a look at the new action surrounding the company.