Published on 6 Feb 2022 on Insider Monkey via Yahoo Finance
Were Hedge Funds Right About International Game Technology PLC (IGT)?
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 867 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 September 30th, when the S&P 500 Index was trading around the 4300 level. Since then investors decided to bet on the economic recovery and a stock market rebound even though we experienced a temporary correction in January. In this article you are going to find out whether hedge funds thought International Game Technology PLC (NYSE:IGT) was a good investment heading into the fourth quarter and how the stock traded in comparison to the top hedge fund picks.
Is International Game Technology PLC (NYSE:IGT) an outstanding stock to buy now? Investors who are in the know were in a bullish mood. The number of bullish hedge fund bets went up by 4 lately. International Game Technology PLC (NYSE:IGT) was in 36 hedge funds' portfolios at the end of September. The all time high for this statistic is 37. Our calculations also showed that IGT 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. With all of this in mind we're going to analyze the new hedge fund action surrounding International Game Technology PLC (NYSE:IGT).