IGT or International Game Technology PLC is a renowned gambling company that produces gambling technology like slots.
Initially, the company focused on making land-based slot machines, but when the online gambling industry started booming, it shifted its focus and began producing online slots. It is the software provider behind popular video slots such as Da Vinci Diamonds and Cleopatra.
The company’s impact in the online gaming world saw IGT revenue reach $2.64 billion in 2020. Sadly, that was a decrease compared to the previous years. In fact, 2016 was the last time IGT had an increase in revenue, totalling $4.3 billion. However, that doesn’t seem to have stopped some of the world’s renowned hedge funds from investing in the gambling company.
After the 13F filings, analysts were stunned to uncover some of the places Hedge funds decided to invest their money. While some went for the popular stocks, a long list of top hedge funds considered International Game Technology PLC (IGT) best bet. By the end of Q1 2021, IGT was in the portfolio of 37 hedge funds. That was a groundbreaking record, given that IGT has never logged such an impressive statistic. It is also the first time IGT experienced an increase in activity in the stock market.
This was not anticipated given that IGT does not even feature on the list of top 30 famous stocks. That is considering the names in the list after Q1 rankings. Among the activities that saw IGT’s hedge fund position shift considerably include the additional stock purchase by select hedge fund managers. For instance, during Q1 2021, Black-and-White Capital invested $14 million in stock courtesy of Seth Wunder. Also, an additional $15.2 million stock investment was made by Islet Management. These are also the key members that influenced the bulls’ herd.
Moreover, IGT saw companies like Citadel Investment Group, Thames Capital Management, and 1060 Capital Management take new IGT stock positions through their respective hedge funds. That made IGT receive a sentiment score of 90% making it one of the most popular stocks in both held and bullish positions. The previous year, only 25 hedge funds showed interest in IGT. The number constituted both bullish and held positions. That means the number of hedge funds with bullish and held positions in this stock went up significantly, making IGT one of the companies that grabbed the attention of everyone in the stock market in Q1 2021.