Hedge Funds Are Buying Stratasys, Ltd. (SSYS)

As one would reasonably expect, key hedge funds have been driving this bullishness. Coatue Management initiated the largest position in Stratasys, Ltd. (NASDAQ:SSYS). Coatue Management had $18.4 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also initiated a $3.7 million position during the quarter. The following funds were also among the new SSYS investors: Ken Griffin’s Citadel Investment Group, D. E. Shaw’s D E Shaw, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Stratasys, Ltd. (NASDAQ:SSYS) but similarly valued. We will take a look at Cempra Inc (NASDAQ:CEMP), Adams Diversified Equity Fund Inc (NYSE:ADX), Headwaters Inc (NYSE:HW), and e.l.f. Beauty Inc (NYSE:ELF). This group of stocks’ market caps match SSYS’s market cap.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $80 million. That figure was $144 million in SSYS’s case. e.l.f. Beauty Inc (NYSE:ELF) is the most popular stock in this table. On the other hand Adams Diversified Equity Fund Inc (NYSE:ADX) is the least popular one with only 4 bullish hedge fund positions. Stratasys, Ltd. (NASDAQ:SSYS) 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 ELF might be a better candidate to consider taking a long position in.

Disclosure: None