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We at Insider Monkey have gone over 752 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of September 30th. In this article, we look at what those funds think of Full House Resorts, Inc. (NASDAQ:FLL) based on that data.
Full House Resorts, Inc. (NASDAQ:FLL) was in 6 hedge funds' portfolios at the end of the third quarter of 2019. FLL has experienced an increase in support from the world's most elite money managers of late. There were 5 hedge funds in our database with FLL positions at the end of the previous quarter. Our calculations also showed that FLL isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video below for Q2 rankings).
Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.
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Jim Simons of Renaissance Technologies[/caption]
We leave no stone unturned when looking for the next great investment idea. For example Discover is offering this insane cashback card, so we look into shorting the stock. One of the most bullish analysts in America just put his money where his mouth is. He says, "I'm investing more today than I did back in early 2009." So we check out his pitch. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. We even check out this option genius' weekly trade ideas. This December, we recommended Adams Energy as a one-way bet based on an under-the-radar fund manager's investor letter and the stock already gained 20 percent. Keeping this in mind we're going to take a look at the latest hedge fund action encompassing Full House Resorts, Inc. (NASDAQ:FLL).
What does smart money think about Full House Resorts, Inc. (NASDAQ:FLL)?
Heading into the fourth quarter of 2019, a total of 6 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 20% from the second quarter of 2019. Below, you can check out the change in hedge fund sentiment towards FLL over the last 17 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
More specifically, Park West Asset Management was the largest shareholder of Full House Resorts, Inc. (NASDAQ:FLL), with a stake worth $2.8 million reported as of the end of September. Trailing Park West Asset Management was Renaissance Technologies, which amassed a stake valued at $2.3 million. GAMCO Investors, 1060 Capital Management, and Balyasny Asset Management were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position 1060 Capital Management allocated the biggest weight to Full House Resorts, Inc. (NASDAQ:FLL), around 1.66% of its 13F portfolio. Park West Asset Management is also relatively very bullish on the stock, earmarking 0.14 percent of its 13F equity portfolio to FLL.
As one would reasonably expect, key hedge funds were leading the bulls' herd. 1060 Capital Management, managed by Brian Gustavson and Andrew Haley, assembled the most valuable position in Full House Resorts, Inc. (NASDAQ:FLL). 1060 Capital Management had $0.6 million invested in the company at the end of the quarter.
Let's now review hedge fund activity in other stocks similar to Full House Resorts, Inc. (NASDAQ:FLL). We will take a look at Espey Manufacturing & Electronics Corp. (NYSE:ESP), Air T, Inc. (NASDAQ:AIRT), ReneSola Ltd. (NYSE:SOL), and Summit Therapeutics PLC (NASDAQ:SMMT). This group of stocks' market caps are similar to FLL's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ESP,1,3487,0 AIRT,1,4038,0 SOL,2,6882,0 SMMT,3,3596,0 Average,1.75,4501,0 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 1.75 hedge funds with bullish positions and the average amount invested in these stocks was $5 million. That figure was $7 million in FLL's case. Summit Therapeutics PLC (NASDAQ:SMMT) is the most popular stock in this table. On the other hand Espey Manufacturing & Electronics Corp. (NYSE:ESP) is the least popular one with only 1 bullish hedge fund positions. Compared to these stocks Full House Resorts, Inc. (NASDAQ:FLL) is more popular among hedge funds. Our calculations showed that top 20 most popular stocks among hedge funds returned 37.4% in 2019 through the end of November and outperformed the S&P 500 ETF (SPY) by 9.9 percentage points. Hedge funds were also right about betting on FLL as the stock returned 62% during the first two months of Q4 and outperformed the market by an even larger margin. Hedge funds were clearly right about piling into this stock relative to other stocks with similar market capitalizations.
Disclosure: None. This article was originally published at Insider Monkey.