What Smart Money Thinks of GTT Communications Inc (GTT)?

Since GTT Communications Inc (NYSE:GTT) has faced a decline in interest from the smart money, it’s safe to say that there was a specific group of hedgies that elected to cut their entire stakes during the third quarter. It’s worth mentioning that Jim Simons’ Renaissance Technologies cut the largest investment of all the hedgies monitored by Insider Monkey, valued at close to $1 million in stock, and Paul Marshall and Ian Wace’s Marshall Wace LLP was right behind this move, as the fund said goodbye to about $0.5 million worth of shares.

Let’s go over hedge fund activity in other stocks similar to GTT Communications Inc (NYSE:GTT). These stocks are Kindred Healthcare, Inc. (NYSE:KND), Pengrowth Energy Corp (USA) (NYSE:PGH), Invesco Dynamic Credit Opportunities Fd (NYSE:VTA), and Urstadt Biddle Properties Inc (NYSE:UBA). This group of stocks’ market valuations are similar to GTT’s market valuation.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $50 million. That figure was $153 million in GTT’s case. Kindred Healthcare, Inc. (NYSE:KND) is the most popular stock in this table. On the other hand, Invesco Dynamic Credit Opportunities Fd (NYSE:VTA) is the least popular one with only four bullish hedge fund positions. GTT Communications Inc (NYSE:GTT) 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, Kindred Healthcare, Inc. (NYSE:KND) might be a better candidate to consider taking a long position in.

Disclosure: none