3D Systems Corporation (DDD) Drops By 7% As Piper Jaffray Analyst Slashes Price Target: Good Time To Buy?

How are hedge funds trading 3D Systems Corporation (NYSE:DDD)?

Among the hedge funds tracked by Insider Monkey, OZ Management, led by Daniel S. Och, holds the largest position in 3D Systems Corporation (NYSE:DDD). OZ Management holds around 960,000 shares of the company, valued at $26.39 million, comprising 0.1% of its 13F portfolio. Sitting in the second spot is Taconic Capital, led by Frank Brosens, holding 842,000 shares; the fund has 1% of its 13F portfolio invested in the stock. Some other members of the smart money that are bullish contain Chase Coleman‘s Tiger Global Management LLC, and Philippe Laffont‘s Coatue Management. It should however be noted that both OZ Management and Taconic Capital hold considerable positions of put options underlying shares as well.

Seeing as 3D Systems Corporation (NYSE:DDD) has experienced falling interest from hedge fund managers, logic holds that there lies a certain “tier” of funds who sold off their entire stakes heading into the second quarter. At the top of the heap, Jim Simons‘ Renaissance Technologies said goodbye to the largest stake of all the hedgies tracked by Insider Monkey by selling around 316,350 shares during the first three months of the year, while Ken Griffin of Citadel Investment Group was right behind this move, as the fund sold off around 143,000 shares.

Hedge funds were not favoring this stock during the first trimester and the stock has been on the downtrend since the beginning of this year. Despite favorable insider sentiment that shows the company’s leader believes the stock is trading at a rock-bottom price, we don’t recommend buying this stock at the moment and feel there’s a better entry point yet to come.

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