A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended June 30th, so let’s proceed with the discussion of the hedge fund sentiment on The Joint Corp. (NASDAQ:JYNT).
Is The Joint Corp. (NASDAQ:JYNT) the right investment to pursue these days? Money managers were betting on the stock. The number of long hedge fund bets moved up by 1 in recent months. The Joint Corp. (NASDAQ:JYNT) was in 22 hedge funds' portfolios at the end of the second quarter of 2021. The all time high for this statistic is 21. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that JYNT isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings). There were 21 hedge funds in our database with JYNT positions at the end of the first quarter.
So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 79 percentage points since March 2017 (see the details here). We have been able to outperform the passive index funds by tracking the moves of corporate insiders and hedge funds, and we believe small investors can benefit a lot from reading hedge fund investor letters and 13F filings.
Donald Sussman of Paloma Partners
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Keeping this in mind let's take a gander at the latest hedge fund action surrounding The Joint Corp. (NASDAQ:JYNT).
Do Hedge Funds Think JYNT Is A Good Stock To Buy Now?
Heading into the third quarter of 2021, a total of 22 of the hedge funds tracked by Insider Monkey were long this stock, a change of 5% from one quarter earlier. On the other hand, there were a total of 16 hedge funds with a bullish position in JYNT a year ago. With hedge funds' positions undergoing their usual ebb and flow, there exists an "upper tier" of key hedge fund managers who were upping their holdings significantly (or already accumulated large positions).
The largest stake in The Joint Corp. (NASDAQ:JYNT) was held by Bandera Partners, which reported holding $42.8 million worth of stock at the end of June. It was followed by Skylands Capital with a $34.2 million position. Other investors bullish on the company included SW Investment Management, Two Sigma Advisors, and Royce & Associates. In terms of the portfolio weights assigned to each position Bandera Partners allocated the biggest weight to The Joint Corp. (NASDAQ:JYNT), around 16.77% of its 13F portfolio. SW Investment Management is also relatively very bullish on the stock, setting aside 12.84 percent of its 13F equity portfolio to JYNT.
As one would reasonably expect, key hedge funds were leading the bulls' herd. Millennium Management, managed by Israel Englander, assembled the biggest position in The Joint Corp. (NASDAQ:JYNT). Millennium Management had $6.8 million invested in the company at the end of the quarter. Dmitry Balyasny's Balyasny Asset Management also made a $1 million investment in the stock during the quarter. The other funds with new positions in the stock are Ryan Tolkin (CIO)'s Schonfeld Strategic Advisors and Donald Sussman's Paloma Partners.
Let's now review hedge fund activity in other stocks similar to The Joint Corp. (NASDAQ:JYNT). We will take a look at US Ecology Inc. (NASDAQ:ECOL), trivago N.V. (NASDAQ:TRVG), Opera Limited (NASDAQ:OPRA), City Holding Company (NASDAQ:CHCO), American Axle & Manufacturing Holdings, Inc. (NYSE:AXL), Tupperware Brands Corporation (NYSE:TUP), and Nurix Therapeutics, Inc. (NASDAQ:NRIX). This group of stocks' market valuations match JYNT's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ECOL,7,22294,1 TRVG,10,67789,0 OPRA,6,18677,1 CHCO,7,15041,2 AXL,25,74679,4 TUP,18,93247,2 NRIX,17,270934,0 Average,12.9,80380,1.4 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 12.9 hedge funds with bullish positions and the average amount invested in these stocks was $80 million. That figure was $174 million in JYNT's case. American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) is the most popular stock in this table. On the other hand Opera Limited (NASDAQ:OPRA) is the least popular one with only 6 bullish hedge fund positions. The Joint Corp. (NASDAQ:JYNT) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for JYNT is 78.1. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 24% in 2021 through October 22nd and beat the market again by 1.6 percentage points. Unfortunately JYNT wasn't nearly as popular as these 5 stocks and hedge funds that were betting on JYNT were disappointed as the stock returned -1.8% since the end of June (through 10/22) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.
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Disclosure: None. This article was originally published at Insider Monkey.
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