Hedge Funds Are Buying Heritage-Crystal Clean, Inc. (HCCI)

Consequently, key hedge funds have been driving this bullishness. Jeffrey Bronchick’s Cove Street Capital initiated the most outsized position in Heritage-Crystal Clean, Inc. (NASDAQ:HCCI), followed by John Overdeck and David Siegel’s Two Sigma Advisors. According to its latest 13F filing, the fund initiated a $0.3 million position during the quarter. The only other fund with a new position in the stock is Israel Englander’s Millennium Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Heritage-Crystal Clean, Inc. (NASDAQ:HCCI) but similarly valued. We will take a look at Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP), Mazor Robotics Ltd – ADR (NASDAQ:MZOR), Fogo de Chao Inc (NASDAQ:FOGO), and Citi Trends, Inc. (NASDAQ:CTRN). This group of stocks’ market values are similar to HCCI’s market value.

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $50 million in HCCI’s case. Citi Trends, Inc. (NASDAQ:CTRN) is the most popular stock in this table. On the other hand Fogo de Chao Inc (NASDAQ:FOGO) is the least popular one with only 4 bullish hedge fund positions. Heritage-Crystal Clean, Inc. (NASDAQ:HCCI) 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 CTRN might be a better candidate to consider taking a long position in.

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Disclosure: None