Should You Buy BJ’s Restaurants, Inc. (BJRI)?

Judging by the fact that BJ’s Restaurants, Inc. (NASDAQ:BJRI) has experienced declining sentiment from the entirety of the hedge funds we track, it’s easy to see that there was a specific group of money managers that decided to sell off their full holdings in the third quarter. Intriguingly, Dmitry Balyasny’s Balyasny Asset Management cut the largest position of the 700 funds studied by Insider Monkey, totaling an estimated $20.1 million in stock, and Solomon Kumin’s Folger Hill Asset Management was right behind this move, as the fund said goodbye to about $2.1 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks similar to BJ’s Restaurants, Inc. (NASDAQ:BJRI). We will take a look at Rouse Properties Inc (NYSE:RSE), The Ensign Group, Inc. (NASDAQ:ENSG), Caleres Inc (NYSE:CAL), and Tree.com Inc (NASDAQ:TREE). This group of stocks’ market valuations are closest to BJRI’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $50 million. That figure was $203 million in BJRI’s case. Tree.com Inc (NASDAQ:TREE) is the most popular stock in this table. On the other hand Rouse Properties Inc (NYSE:RSE) is the least popular one with only 1 bullish hedge fund position. Compared to these stocks BJ’s Restaurants, Inc. (NASDAQ:BJRI) 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