Hedge funds were also right about betting on GPRO as the stock returned 6.8% since the end of September (through 11/30) and outperformed the market by an even larger margin. These stocks returned 28.6% in 2021 through November 30th but still managed to beat the market by 5.6 percentage points. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 20, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. 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 overall hedge fund sentiment score for GPRO is 83.8. Compared to these stocks GoPro Inc (NASDAQ:GPRO) is more popular among hedge funds. (NASDAQ: OFLX) is the least popular one with only 3 bullish hedge fund positions. (NASDAQ: CRBU) is the most popular stock in this table. That figure was $293 million in GPRO's case. View table here if you experience formatting issues.Īs 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 $78 million. All of these stocks' market caps are similar to GPRO's market cap. (NASDAQ: CRBU), Global Industrial Company (NYSE: GIC), and MGP Ingredients Inc (NASDAQ: MGPI). Let's now review hedge fund activity in other stocks similar to GoPro Inc (NASDAQ:GPRO). The following funds were also among the new GPRO investors: Noam Gottesman's GLG Partners, Peter Algert's Algert Global, and Donald Sussman's Paloma Partners. Mika Toikka's AlphaCrest Capital Management also initiated a $1.2 million position during the quarter. Schonfeld Strategic Advisors had $2.7 million invested in the company at the end of the quarter. Schonfeld Strategic Advisors, managed by Ryan Tolkin (CIO), initiated the biggest position in GoPro Inc (NASDAQ:GPRO). Now, specific money managers have been driving this bullishness. Now let's review the new hedge fund action encompassing GoPro Inc (NASDAQ: GPRO). Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Our calculations also showed that GPRO isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings).Īt Insider Monkey, we scour multiple sources to uncover the next great investment idea. There were 28 hedge funds in our database with GPRO positions at the end of the second quarter. GPRO has experienced an increase in hedge fund interest lately. The all time high for this statistic is 36. GoPro Inc (NASDAQ: GPRO) was in 31 hedge funds' portfolios at the end of September. With this in mind, let’s take a look at the recent hedge fund activity surrounding GoPro Inc (NASDAQ: GPRO). They don't always get it right, but, on average, their stock picks historically generated strong returns after adjusting for known risk factors. Hedge funds and other institutional investors usually invest large amounts of capital and have to conduct due diligence while choosing their next pick. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies.