That incendiary question serves as the headline of an Insider Monkey video report on Entercom Communications by Reymerlin Martin that puts a magnifying glass on why the radio broadcasting company has seen a decrease in support from “the world’s most elite money managers” in recent months.
Insider Monkey calculations also showed that Entercom isn’t among the 30 most popular stocks among hedge funds.
At Q2’s end, a total of 19 of the hedge funds tracked by Insider Monkey were bullish on ETM, a change of 10% from the first quarter of 2019.
The graph below displays the number of hedge funds with bullish position in Entercom over the last 16 quarters.
“Seeing as Entercom has experienced bearish sentiment from hedge fund managers, logic holds that there lies a certain ‘tier’ of funds who were dropping their positions entirely last quarter,” Martin says.
At the top of the heap, Amit Nitin Doshi’s Harbor Spring Capital sold off the biggest investment of the 750 funds tracked by Insider Monkey, totaling close to $18.4 million in stock.
Renaissance Technologies, also said goodbye to its stock, about $3.9 million worth.
“These moves are important to note, as aggregate hedge fund interest fell by 2 funds last quarter,” Martin writes.
She then reviewed Hedge Fund activity in stocks “similar” to ETM: Urstadt Biddle Properties, Nanometrics Incorporated, Fiverr International Ltd. and The Buckle, Inc.
“Compared to these stocks Entercom is more popular among hedge funds,” Martin says.
But, she concludes, “Unfortunately ETM wasn’t nearly as popular as these 20 stocks and hedge funds that were betting on ETM were disappointed as the stock returned -42.1% during the third quarter and underperformed the market.”