Fly Leasing Ltd (ADR) (FLY): Are Hedge Funds Right About This Stock?

Judging by the fact that Fly Leasing Ltd (ADR) (NYSE:FLY) has witnessed a declining sentiment from hedge fund managers, it’s easy to see that there were a few money managers that slashed their full holdings by the end of the third quarter. It’s worth mentioning that Joseph A. Jolson’s Harvest Capital Strategies dumped the largest investment of all the investors followed by Insider Monkey, totaling an estimated $0.8 million in stock. Ken Griffin’s fund, Citadel Investment Group, also said goodbye to its stock, about $0.3 million worth.

Let’s go over hedge fund activity in other stocks similar to Fly Leasing Ltd (ADR) (NYSE:FLY). We will take a look at Audentes Therapeutics Inc (NASDAQ:BOLD), Beazer Homes USA, Inc. (NYSE:BZH), Baldwin & Lyons Inc (NASDAQ:BWINB), and CECO Environmental Corp. (NASDAQ:CECE). This group of stocks’ market values are similar to FLY’s market value.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $91 million. That figure was $41 million in FLY’s case. CECO Environmental Corp. (NASDAQ:CECE) is the most popular stock in this table. On the other hand Baldwin & Lyons Inc (NASDAQ:BWINB) is the least popular one with only 7 bullish hedge fund positions. Fly Leasing Ltd (ADR) (NYSE:FLY) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CECE might be a better candidate to consider taking a long position in.

Disclosure: None