Ever since American Airlines came out of bankruptcy and started to trade publicly again hedgefunds jumped all over it. Effectively the stock became a hedgefund hotel, ever since the 4th quarter of 2013 a large amount of hedgefunds held the stock as you can see from the chart below. Hedgefunds held steady for 5 quarters and enjoyed healthy gains.
Fast forward to today, American Airlines was under distribution in the first quarter of this year, the stock traded between $45-$55 and became volatile as oppose to the steady rise it had the previous quarter. The funds owning the stocks decreased from 24% to 14% and some of its largest holders to profits on the stock.