EnerNOC, Inc. (NASDAQ:ENOC) was in 14 hedge funds’ portfolio at the end of March. ENOC has experienced a decrease in hedge fund interest recently. There were 14 hedge funds in our database with ENOC holdings at the end of the previous quarter.
According to most market participants, hedge funds are viewed as unimportant, old financial tools of the past. While there are greater than 8000 funds with their doors open at the moment, we at Insider Monkey look at the bigwigs of this club, close to 450 funds. It is widely believed that this group has its hands on the lion’s share of the hedge fund industry’s total capital, and by watching their top equity investments, we have discovered a few investment strategies that have historically outpaced the S&P 500 index. Our small-cap hedge fund strategy outstripped the S&P 500 index by 18 percentage points per year for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have topped the S&P 500 index by 23.3 percentage points in 8 months (see the details here).
Just as beneficial, bullish insider trading activity is a second way to parse down the investments you’re interested in. There are a number of stimuli for an upper level exec to cut shares of his or her company, but just one, very clear reason why they would behave bullishly. Several academic studies have demonstrated the market-beating potential of this tactic if you know what to do (learn more here).
With these “truths” under our belt, it’s important to take a glance at the key action regarding EnerNOC, Inc. (NASDAQ:ENOC).
Hedge fund activity in EnerNOC, Inc. (NASDAQ:ENOC)
At Q1’s end, a total of 14 of the hedge funds we track held long positions in this stock, a change of 0% from the first quarter. With the smart money’s capital changing hands, there exists a select group of notable hedge fund managers who were boosting their stakes substantially.
According to our comprehensive database, Phill Gross and Robert Atchinson’s Adage Capital Management had the biggest position in EnerNOC, Inc. (NASDAQ:ENOC), worth close to $13.9 million, accounting for less than 0.1%% of its total 13F portfolio. Coming in second is Jim Simons of Renaissance Technologies, with a $12.6 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other peers that are bullish include D. E. Shaw’s D E Shaw, Brian Ashford-Russell and Tim Woolley’s Polar Capital and Israel Englander’s Millennium Management.
Seeing as EnerNOC, Inc. (NASDAQ:ENOC) has witnessed bearish sentiment from the aggregate hedge fund industry, we can see that there exists a select few fund managers that decided to sell off their full holdings at the end of the first quarter. Interestingly, Glenn Russell Dubin’s Highbridge Capital Management dumped the biggest stake of the 450+ funds we track, totaling an estimated $0.4 million in stock.. Matthew Tewksbury’s fund, Stevens Capital Management, also dropped its stock, about $0.2 million worth. These moves are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
How are insiders trading EnerNOC, Inc. (NASDAQ:ENOC)?
Insider trading activity, especially when it’s bullish, is particularly usable when the company we’re looking at has seen transactions within the past 180 days. Over the latest 180-day time frame, EnerNOC, Inc. (NASDAQ:ENOC) has experienced zero unique insiders purchasing, and 5 insider sales (see the details of insider trades here).
With the results exhibited by the aforementioned strategies, everyday investors should always monitor hedge fund and insider trading activity, and EnerNOC, Inc. (NASDAQ:ENOC) is an important part of this process.