Hedge Funds Are Crazy About Healthequity Inc (HQY)

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Now, key money managers have been driving this bullishness. Adage Capital Management, led by Phill Gross and Robert Atchinson, initiated the most valuable position in Healthequity Inc (NASDAQ:HQY). Adage Capital Management had $6 million invested in the company at the end of the quarter. Matthew Hulsizer’s PEAK6 Capital Management also made a $2.5 million investment in the stock during the quarter. The following funds were also among the new HQY investors: Peter Muller’s PDT Partners, Ken Griffin’s Citadel Investment Group, and Paul Tudor Jones’ Tudor Investment Corp.

Let’s now review hedge fund activity in other stocks similar to Healthequity Inc (NASDAQ:HQY). These stocks are Watts Water Technologies Inc (NYSE:WTS), PBF Energy Inc (NYSE:PBF), ABM Industries, Inc. (NYSE:ABM), and Hilltop Holdings Inc. (NYSE:HTH). All of these stocks’ market caps are similar to HQY’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
WTS 11 433841 -2
PBF 23 497804 -1
ABM 13 93533 -2
HTH 15 34838 1

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $265 million. That figure was $56 million in HQY’s case. PBF Energy Inc (NYSE:PBF) is the most popular stock in this table. On the other hand Watts Water Technologies Inc (NYSE:WTS) is the least popular one with only 11 bullish hedge fund positions. Healthequity Inc (NASDAQ:HQY) 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 PBF might be a better candidate to consider taking a long position in.

Disclosure: None

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