Hedge Funds Back Out of Their Short Positions on Pandora A/S -- Is the Stock a Buy?

Hedge Funds Back Out of Their Short Positions on Pandora A/S -- Is the Stock a Buy?

Investors in Danish jewelry company Pandora A/S (NASDAQOTH: PANDY) have enjoyed a bit of relief in the past month with shares up over 11%. That's the good news. The bad news is that shares are still down over 24% year to date. Like its competition, the company has been the victim of declining mall traffic and the ongoing struggles of brick-and-mortar retailers. 

The odd thing is that Pandora's results have been rather strong. In the past quarter, the company grew revenue 13% (16% in local currency), as robust growth in both Europe and Asia made up for underperformance in the U.S. So what gives?

Is Pandora set for a rebound? Image source: Getty Images.

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Source: Fool.com