The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 873 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of June 30th. In this article we look at what those investors think of Liberty Broadband Corp (NASDAQ:LBRDK).
Liberty Broadband Corp (NASDAQ:LBRDK) investors should pay attention to a decrease in enthusiasm from smart money recently. Liberty Broadband Corp (NASDAQ:LBRDK) was in 63 hedge funds' portfolios at the end of June. The all time high for this statistic is 80. There were 70 hedge funds in our database with LBRDK holdings at the end of March. Our calculations also showed that LBRDK isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).
At the moment there are plenty of metrics market participants can use to evaluate their holdings. Some of the most useful metrics are hedge fund and insider trading sentiment. Our experts have shown that, historically, those who follow the top picks of the elite fund managers can outclass their index-focused peers by a significant margin (see the details here). Also, our monthly newsletter's portfolio of long stock picks returned 185.4% since March 2017 (through August 2021) and beat the S&P 500 Index by more than 79 percentage points. You can download a sample issue of this newsletter on our website.
Ryan Tolkin, CIO of Schonfeld Strategic Advisors
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, the demand for helium is soaring and there is a helium supply shortage, so we are checking out stock pitches like this emerging helium 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. Now let's take a gander at the key hedge fund action encompassing Liberty Broadband Corp (NASDAQ:LBRDK).
Do Hedge Funds Think LBRDK Is A Good Stock To Buy Now?
At second quarter's end, a total of 63 of the hedge funds tracked by Insider Monkey were long this stock, a change of -10% from the previous quarter. On the other hand, there were a total of 58 hedge funds with a bullish position in LBRDK a year ago. With hedge funds' capital changing hands, there exists a few notable hedge fund managers who were adding to their stakes substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Eagle Capital Management, managed by Boykin Curry, holds the number one position in Liberty Broadband Corp (NASDAQ:LBRDK). Eagle Capital Management has a $1.587 billion position in the stock, comprising 4.5% of its 13F portfolio. On Eagle Capital Management's heels is Aristeia Capital, led by Robert Henry Lynch, holding a $809.4 million position; the fund has 16.2% of its 13F portfolio invested in the stock. Remaining hedge funds and institutional investors that hold long positions encompass George Soros's Soros Fund Management, Bob Peck and Andy Raab's FPR Partners and Sharlyn C. Heslam's Stockbridge Partners. In terms of the portfolio weights assigned to each position Makaira Partners allocated the biggest weight to Liberty Broadband Corp (NASDAQ:LBRDK), around 31.67% of its 13F portfolio. Manor Road Capital Partners is also relatively very bullish on the stock, earmarking 28.69 percent of its 13F equity portfolio to LBRDK.
Because Liberty Broadband Corp (NASDAQ:LBRDK) has experienced falling interest from the entirety of the hedge funds we track, it's safe to say that there exists a select few fund managers that slashed their entire stakes in the second quarter. Intriguingly, Renaissance Technologies dumped the biggest stake of the 750 funds watched by Insider Monkey, comprising about $39.8 million in stock, and Martin D. Sass's MD Sass was right behind this move, as the fund dumped about $24.9 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest was cut by 7 funds in the second quarter.
Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Liberty Broadband Corp (NASDAQ:LBRDK) but similarly valued. We will take a look at STMicroelectronics N.V. (NYSE:STM), CoStar Group Inc (NASDAQ:CSGP), Corteva, Inc. (NYSE:CTVA), D.R. Horton, Inc. (NYSE:DHI), Williams Companies, Inc. (NYSE:WMB), Mettler-Toledo International Inc. (NYSE:MTD), and ArcelorMittal (NYSE:MT). This group of stocks' market values are similar to LBRDK's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position STM,13,159058,-2 CSGP,49,2816593,6 CTVA,34,1283913,-1 DHI,45,1886955,-5 WMB,39,551010,5 MTD,35,1267774,8 MT,22,1044502,1 Average,33.9,1287115,1.7 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 33.9 hedge funds with bullish positions and the average amount invested in these stocks was $1287 million. That figure was $7386 million in LBRDK's case. CoStar Group Inc (NASDAQ:CSGP) is the most popular stock in this table. On the other hand STMicroelectronics N.V. (NYSE:STM) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Liberty Broadband Corp (NASDAQ:LBRDK) is more popular among hedge funds. Our overall hedge fund sentiment score for LBRDK is 71.6. 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. 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 26.3% in 2021 through October 29th and still beat the market by 2.3 percentage points. Unfortunately LBRDK wasn't nearly as popular as these 5 stocks and hedge funds that were betting on LBRDK were disappointed as the stock returned -6.5% since the end of the second quarter (through 10/29) 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 most 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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