FTD Companies Inc (FTD): Are Hedge Funds Right About This Stock?

With a general bullishness amongst the heavyweights, specific money managers have jumped into FTD Companies Inc (NASDAQ:FTD) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, created the largest position in FTD Companies Inc (NASDAQ:FTD). Balyasny Asset Management had $0.5 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also made a $0.3 million investment in the stock during the quarter. The following funds were also among the new FTD Companies Inc (NASDAQ:FTD) investors: Mike Vranos’s Ellington, Michael Platt and William Reeves’s BlueCrest Capital Mgmt., and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now review hedge fund activity in other stocks similar to FTD Companies Inc (NASDAQ:FTD). We will take a look at Caesars Entertainment Corp (NASDAQ:CZR), InvenSense Inc (NYSE:INVN), Nuveen Performance Plus Municipal Fund (NYSE:NPP), and Berkshire Hills Bancorp, Inc. (NYSE:BHLB). All of these stocks’ market caps are similar to FTD Companies Inc (NASDAQ:FTD)’s market cap.

As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $90 million. That figure was $123 million in FTD Companies Inc (NASDAQ:FTD)’s case. Caesars Entertainment Corp (NASDAQ:CZR) is the most popular stock in this table. On the other hand, Nuveen Performance Plus Municipal Fund (NYSE:NPP) is the least popular one with only 5 bullish hedge fund positions. FTD Companies Inc (NASDAQ:FTD) 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, Caesars Entertainment Corp (NASDAQ:CZR) might be a better candidate to consider a long position.