What have hedge funds been doing with Flotek Industries Inc (NYSE:FTK), Streamline Health Solutions Inc. (NASDAQ:STRM), and Straight Path Communications Inc (NYSEMKT:STRP)?
At the end of the first quarter, a total of 13 of the hedge funds tracked by Insider Monkey were long in Flotek Industries Inc (NYSE:FTK), a 7% decrease from the fourth quarter. The total value of funds’ holdings by the end of the said period decreased 38.54% to $139 million. This is significant, since the stock only slid by 21.3% in the first quarter. Of the funds tracked by Insider Monkey, Jeffrey Gates‘ Gates Capital Management had the number one position in Flotek Industries Inc (NYSE:FTK), worth close to $80.6 million, comprising 2.8% of its total 13F portfolio. On Gates Capital Management’s heels is Millennium Management, led by Israel Englander, holding a $27.5 million position; 0.1% of its 13F portfolio is allocated to the stock. Other hedgies with similar optimism contain Paul Jasinkiewicz’s Jasinkiewicz Capital Management, William Harnisch’s Peconic Partners LLC, and Charles Paquelet’s Skylands Capital.
Also at the end of the end of the first three months of the year, a total of nine of the hedge funds tracked by Insider Monkey were bullish in Streamline Health Solutions Inc. (NASDAQ:STRM), unchanged from the fourth quarter. Total value of holdings decreased 15.06% to $13.6 million by the end of the first quarter of 2015. However, this is a slightly bullish sign, as the stock decreased 18.01% in value in the first quarter. According to hedge fund intelligence website Insider Monkey, James E. Flynn‘s Deerfield Management had the number one position in Streamline Health Solutions Inc. (NASDAQ:STRM), worth close to $6.5 million, accounting for 0.2% of its total 13F portfolio. Coming in second is Justin John Ferayorni of Tamarack Capital Management, with a $4 million position; 0.5% of its 13F portfolio is allocated to the company. Other hedgies that hold long positions contain Peter Keane’s Keane Capital Management, James Dondero’s Highland Capital Management and Jeffrey Jay and David Kroin’s Great Point Partners.
By the end of 2015’s initial quarter, a total of nine of the hedge funds tracked by Insider Monkey were also bullish in Straight Path Communications Inc (NYSEMKT:STRP), unchanged from the previous quarter. The total value of their holdings decreased by 2.94% to $16.81 million by the end of the first quarter of 2015, which was a rather bearish signal given that the stock price went up by 5.12% in the first three months of this year. Additionally, of the funds tracked by Insider Monkey, Kahn Brothers, founded by Irving Kahn, had the most valuable position in Straight Path Communications Inc (NYSEMKT:STRP), worth close to $5 million, accounting for 0.8% of its total 13F portfolio. The second-most bullish hedge fund manager is Jim Simons of Renaissance Technologies, with a $4.9 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. Remaining members of the smart money that are bullish include Eric Edidin and Josh Lobel’s Archer Capital Management, Jay Petschek and Steven Major’s Corsair Capital Management, and Glenn Russell Dubin’s Highbridge Capital Management.
Though the shares of Flotek Industries Inc (NYSE:FTK), Streamline Health Solutions Inc. (NASDAQ:STRM) and Straight Path Communications Inc (NYSEMKT:STRP) are performing well, we see that hedge funds do not seem to share the same sentiment as the market. Given these signs from the world’s smartest money managers, and the fact that there wasn’t any particularly noteworthy news that led to any of their gains last week, we’d have to conclude that these three companies are not good stocks to buy at the moment.
Disclosure: None
