Has the Time Come to Get Out of Civeo Corporation (Canada) (CVEO)?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. Interestingly, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital said goodbye to the largest investment of the “upper crust” of funds monitored by Insider Monkey, comprising close to $1.3 million in stock, and Benjamin A. Smith’s Laurion Capital Management was right behind this move, as the fund dumped about $0.6 million worth of shares.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Civeo Corporation (Canada) (NYSE:CVEO) but similarly valued. We will take a look at Dicerna Pharmaceuticals Inc (NASDAQ:DRNA), Assembly Biosciences Inc (NASDAQ:ASMB), The McClatchy Company (NYSE:MNI), and Bioamber Inc (NYSE:BIOA). All of these stocks’ market caps match CVEO’s market cap.

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $23 million. That figure was $32 million in CVEO’s case. Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) is the most popular stock in this table. On the other hand The McClatchy Company (NYSE:MNI) is the least popular one with only 3 bullish hedge fund positions. Civeo Corporation (Canada) (NYSE:CVEO) is tied as the most popular stock in this group. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling in recently. In this regard DRNA might be a better candidate to consider taking a long position in.

Disclosure: None