Published on 13 Dec 2021 on Insider Monkey via Yahoo Finance

Hedge Funds Are Selling Boot Barn Holdings Inc (BOOT)

Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed in recent years. However, hedge funds are generally partially hedged and aim at delivering attractive risk-adjusted returns rather than following the ups and downs of equity markets hoping that they will outperform the broader market. Our research shows that certain hedge funds do have great stock picking skills (and we can identify these hedge funds in advance pretty accurately), so let’s take a glance at the smart money sentiment towards Boot Barn Holdings Inc (NYSE:BOOT).

Is Boot Barn Holdings Inc (NYSE:BOOT) the right pick for your portfolio? Hedge funds were in a pessimistic mood. The number of bullish hedge fund positions decreased by 1 recently. Boot Barn Holdings Inc (NYSE:BOOT) was in 28 hedge funds' portfolios at the end of September. The all time high for this statistic is 29. Our calculations also showed that BOOT 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. Now we're going to take a gander at the fresh hedge fund action encompassing Boot Barn Holdings Inc (NYSE:BOOT).