How Digirad Corporation (DRAD) Stacks Up Against Its Peers

As industrywide interest jumped, key money managers have been driving this bullishness. Algert Coldiron Investors assembled the most outsized position in Digirad Corporation (NASDAQ:DRAD). Algert Coldiron Investors had $0.1 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $0.1 million investment in the stock during the quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Digirad Corporation (NASDAQ:DRAD) but similarly valued. These stocks are Hydra Industries Acquisition Corp. (NASDAQ:HDRA), Kindred Biosciences Inc (NASDAQ:KIN), American Superconductor Corporation (NASDAQ:AMSC), and Ballantyne Strong Inc (NYSEAMEX:BTN). This group of stocks’ market caps are similar to DRAD’s market cap.

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $24 million. That figure was $17 million in DRAD’s case. Kindred Biosciences Inc (NASDAQ:KIN) is the most popular stock in this table. On the other hand Hydra Industries Acquisition Corp. (NASDAQ:HDRA) is the least popular one with only 5 bullish hedge fund positions. Digirad Corporation (NASDAQ:DRAD) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard KIN might be a better candidate to consider taking a long position in.

Disclosure: None