As industrywide interest jumped, some big names were breaking ground themselves. Tyvor Capital, managed by John Tompkins, created the most outsized position in Spirit Airlines Incorporated (NASDAQ:SAVE). The fund reportedly had $29.7 million invested in the company at the end of the quarter. Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital also initiated a $21.7 million position during the quarter. The following funds were also among the new SAVE investors: Robert Polak’s Anchor Bolt Capital, Gregg Moskowitz’s Interval Partners, and Wayne Cooperman’s Cobalt Capital Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Spirit Airlines Incorporated (NASDAQ:SAVE) but similarly valued. We will take a look at New Residential Investment Corp (NYSE:NRZ), Energizer Holdings, Inc. (NYSE:ENR), Sensient Technologies Corporation (NYSE:SXT), and ALLETE Inc (NYSE:ALE). This group of stocks’ market caps resemble SAVE’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NRZ | 19 | 219017 | 7 |
| ENR | 20 | 273772 | -4 |
| SXT | 16 | 175833 | 7 |
| ALE | 11 | 56449 | -5 |
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 $181 million. That figure was $338 million in SAVE’s case. Energizer Holdings, Inc. (NYSE:ENR) is the most popular stock in this table. On the other hand ALLETE Inc (NYSE:ALE) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Spirit Airlines Incorporated (NASDAQ:SAVE) 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.
Disclosure: none.
