Do Hedge Funds Love Rush Enterprises, Inc. (RUSHA)?

Due to the fact that Rush Enterprises, Inc. (NASDAQ:RUSHA) has faced falling interest from the smart money, it’s easy to see that there was a specific group of fund managers who were dropping their positions entirely in the third quarter. It’s worth mentioning that Alexander Mitchell’s Scopus Asset Management sold off the biggest stake of the “upper crust” of funds followed by Insider Monkey, worth an estimated $15.3 million in stock, and Jim Simons’ Renaissance Technologies was right behind this move, as the fund said goodbye to about $2.5 million worth of shares. These moves are interesting, as aggregate hedge fund interest dropped by 5 funds in the third quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Rush Enterprises, Inc. (NASDAQ:RUSHA) but similarly valued. We will take a look at 1st Source Corporation (NASDAQ:SRCE), Neenah Paper, Inc. (NYSE:NP), Kaman Corporation (NYSE:KAMN), and Consolidated Communications Holdings Inc (NASDAQ:CNSL). All of these stocks’ market caps resemble RUSHA’s market cap.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $77 million, compared to $26 million in RUSHA’s case. Kaman Corporation (NYSE:KAMN) is the most popular stock in this table. On the other hand 1st Source Corporation (NASDAQ:SRCE) is the least popular one with only 5 bullish hedge fund positions. Rush Enterprises, Inc. (NASDAQ:RUSHA) 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 KAMN might be a better candidate to consider a long position.