Hedge Funds Aren't Crazy About Dave & Buster's Entertainment, Inc. (PLAY) Anymore

Hedge Funds Aren’t Crazy About Dave & Buster’s Entertainment, Inc. (PLAY) Anymore

Out of thousands of stocks that are currently traded on the market, it is difficult to identify those that will really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback the hedge funds employing these talents and can benefit from their vast resources and knowledge in that way. We analyze quarterly 13F filings of nearly 900 hedge funds and, by looking at the smart money sentiment that surrounds a stock, we can determine whether it has the potential to beat the market over the long-term. Therefore, let’s take a closer look at what smart money thinks about Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY). Is Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) undervalued? The best stock pickers were turning less bullish. The number of bullish hedge fund bets decreased by 2 recently. Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) was in 26 hedge funds’ portfolios at the end of September. The all time high for this statistic is 28. Our calculations also showed that PLAY isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings). At Insider Monkey, we scour multiple sources to uncover the next great investment idea. 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. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Keeping this in mind we’re going to take a look at the fresh hedge fund action surrounding Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY). At the end of the third quarter, a total of 26 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -7% from one quarter earlier. By comparison, 16 hedge funds held shares or bullish call options in PLAY a year ago. With the smart money’s capital changing hands, there exists a few noteworthy hedge fund managers who were increasing their stakes significantly (or already accumulated large positions). The largest stake in Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) was held by Hill Path Capital, which reported holding $175.3 million worth of stock at the end of September. It was followed by Citadel Investment Group with a $49.7 million position. Other investors bullish on the company included Candlestick Capital Management, Point72 Asset Management, and Arrowstreet Capital. In terms of the portfolio weights assigned to each position Hill Path Capital allocated the biggest weight to Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY), around 9.09% of its 13F portfolio. MIC Capital Partners is also relatively very bullish on the stock, designating 5.92 percent of its 13F equity portfolio to PLAY. Seeing as Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) has witnessed bearish sentiment from the smart money, logic holds that there lies a certain “tier” of funds that elected to cut their entire stakes in the third quarter. At the top of the heap, Alexander Mitchell’s Scopus Asset Management dropped the largest investment of the “upper crust” of funds watched by Insider Monkey, totaling about $40.6 million in call options, and Alexander Mitchell’s Scopus Asset Management was right behind this move, as the fund cut about $16.2 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 2 funds in the third quarter. Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) but similarly valued. We will take a look at Proto Labs Inc (NYSE:PRLB), Service Properties Trust (NASDAQ:SVC), Alector, Inc. (NASDAQ:ALEC), USANA Health Sciences, Inc. (NYSE:USNA), Trillium Therapeutics Inc. (NASDAQ:TRIL), Cornerstone Building Brands, Inc. (NYSE:CNR), and Tellurian Inc. (NYSE:TELL). All of these stocks’ market caps resemble PLAY’s market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position PRLB,17,259887,-2 SVC,17,87028,4 ALEC,20,236209,2 USNA,16,203568,-5 TRIL,40,498397,16 CNR,22,104816,2 TELL,15,93120,-2 Average,21,211861,2.1 [/table] As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $212 million. That figure was $469 million in PLAY’s case. Trillium Therapeutics Inc. (NASDAQ:TRIL) is the most popular stock in this table. On the other hand Tellurian Inc. (NYSE:TELL) is the least popular one with only 15 bullish hedge fund positions. Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for PLAY is 52.9. 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 31.1% in 2021 through December 9th and beat the market again by 5.1 percentage points. Unfortunately PLAY wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on PLAY were disappointed as the stock returned -10.7% since the end of September (through 12/9) 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. Get real-time email alerts: Follow Dave & Buster’s Entertainment Inc. (NASDAQ:PLAY) Microstrategy CEO Michael Saylor started adding Bitcoin to his corporate treasury last year and hasn’t turned back. He said the only long-term risk to the crypto would be a “black swan.” There are only three weeks left in 2021, and the analysts like to start summing up the market situation when the calendar is about to turn. So it’s no surprise to find that Bank of America’s senior US equity strategist, Jill Carey Hall, is doing just that. Her take on the markets will be of interest to investors – especially for investors interested in dividend stocks. “Our view going into 2022 is that… the S&P 500 index [is] where we’re actually looking for flattish returns,” Hall noted. “Our (Bloomberg) — The U.S. went on a borrowing binge last year and the hangover could make it harder for the Federal Reserve to fight inflation without crashing the economy.Most Read from BloombergZero Taxes, Golf and Beach Houses Create a Crypto Island ParadiseAnatomy of a Bad RoadBoris Johnson’s Furious MPs Worry That His Next Misstep Could Be FatalChina Is Building the World’s Largest National Park SystemThe 15 Best Beers We Drank This YearCorporate debt has surged $1.3 trillion since the start If the level of expenses you provided is accurate, coupled with moderate inflation and an estimated investment growth rate of net 6% to 6.5%, your strategy should be able to hold you over until Social Security and then some, said Brian Robinson, a certified financial planner and partner at advisory firm SharpePoint. “There are enough assets with different taxable circumstances that, if allocated correctly and in the correct types of vehicles, will achieve a sustained retirement through at least age 90,” Robinson said. At first, your withdrawal rate will be higher than average, which will obviously draw down your assets faster, but when Social Security kicks in, that rate will taper. For example, you have a substantial amount of money in your savings account. It’s never fun when our stocks take a price hit, but we should be excited about the long-term opportunities that market corrections give us. Right now, there are several high-quality growth stocks that are 40%, 60%, or even 70% less expensive than earlier this year. Affirm Holdings (NASDAQ: AFRM) is poised to be at the center of this growth, thanks to its various partnerships with key U.S. retailers like Amazon, Shopify, Walmart, and Target. Its fiscal 2022 first-quarter earnings showcased an 84% year-over-year increase in gross merchandise volume, the total value of transactions on Affirm’s platform, which drove 55% revenue growth over 2021 Q1. DEEP DIVE This is the time of the year when Wall Street prognosticators do their best to entertain investors with predictions. But after two excellent years for U.S. stocks, maybe it’s time to position yourself to enjoy high and well-supported dividends if the market turns sour in 2022. Our stock screen identifies companies that have paid a high dividend for at least 25 years and whose shares are rising this year. Apple’s (NASDAQ: AAPL) stock hit an all-time high on Dec. 9 after two influential analysts made bullish predictions about the tech giant’s future. Wedbush analyst Daniel Ives declared that global demand for the iPhone 13 was still outstripping its supply by about 10 million units, that its holiday sales would be strong, and that Apple’s upcoming launch of an augmented reality (AR) headset would significantly boost its sales and profits next year. Morgan Stanley’s Katy Huberty claimed Apple’s price didn’t reflect its upcoming AR, VR, and vehicle-related products yet, and that it would benefit from a “flight to quality” from other stocks. Both analysts have set a price target of $200 on Apple’s stock — roughly 14% above its current price. The e-signature company thrived during the pandemic, but it missed signs of a slowdown as the pandemic faded and absorbed the biggest blow in its history. Two big stock buys triggered a rebound. The price of Bitcoin has tumbled over the past month. A number of Bitcoin stocks — or companies that have business tied to the cryptocurrency — have followed suit. Given the on-a-whim price swings in the crypto world, finding the best stocks out of that bunch can be difficult. For now, based solely on IBD’s chart analysis, the best crypto… A market rally is underway, but hasn’t flashed this key signal, with the Fed meeting on tap. Apple, Tesla are in focus. (Bloomberg) — The Federal Reserve is laying the groundwork for the start of a cycle of interest-rate hikes that the bond market warns might be unusually constrained in how far it can go, setting the two on a collision course where one will eventually have to give.Most Read from BloombergZero Taxes, Golf and Beach Houses Create a Crypto Island ParadiseAnatomy of a Bad RoadBoris Johnson’s Furious MPs Worry That His Next Misstep Could Be FatalChina Is Building the World’s Largest National Park Sys Ford and Google stock are arguably actionable now, leading several top stocks just above or below buy points amid uncertain market conditions. Eight of the 10 were not on 1990’s top-10 list, and all 10 on 1980’s list underperformed the world stock market over the subsequent decade. Arnott illustrated these top companies’ underperformance in another way as well: He constructed a hypothetical portfolio that each year owned the world’s 10-largest companies. Equal-weighting is one obvious alternative, and it has beaten cap-weighting: since 1971, according to data from S&P Dow Jones Indices, the equal-weighted version of the S&P 500 (SPX) has outperformed the cap-weighted version by 1.5 annualized percentage points. The fracking pioneer Continental Resources and energy explorer EOG Resources both saw large insider stock purchases. So has Cleveland-Cliffs, a steelmaker. (Bloomberg) — Billionaire Tilman Fertitta reached a settlement to pull out of an $8.6 billion deal with a blank-check company that would have taken his restaurant and casino empire public.Most Read from BloombergAnatomy of a Bad RoadThe 15 Best Beers We Drank This YearSand and Soldiers Mix as Troops Move In to Protect Cancun TouristsThe World’s Relentless Demand for Chips Turns Deadly in MalaysiaFormer Oil Trader Is Now Betting on Lumber for SkyscrapersFertitta Entertainment Inc., the parent co Bitcoin had dropped by 38% from its recent high — that’s the third correction of greater than 30% in the last 12 months. Four years ago Bitcoin futures started trading — the euphoria was short lived and the price of Bitcoin eventually dropped by over 80%. What are digital currencies, if they can be created ad hoc — like monetary presses — and produce an endless supply? Why are digital currencies better than fiat currency if their supply is really not fixed. Investing in cryptocurrency has been a highly risky investment that has more than paid off over the past decade. Here’s why I think that Riskified (NYSE: RSKD), Pinterest (NYSE: PINS), and Latch (NASDAQ: LTCH) could outperform every cryptocurrency over the next decade. Riskified is helping e-commerce companies like Wayfair (NYSE: W) determine and detect fraud using artificial intelligence. Riskified’s AI can detect fraud at scale within seconds, which many e-commerce companies cannot do. American Century, Vanguard among those passing on more than 20% of a fund through stock-market capital-gains and other distributions at the end of this year.
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