Hedge Funds Are Crazy About Investment Technology Group (ITG)

With a general bullishness amongst the heavyweights, key money managers were breaking ground themselves. Millennium Management created the largest position in Investment Technology Group (NYSE:ITG) which had $5.3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $1.1 million position during the quarter. The following funds were also among the new ITG investors: Matthew Hulsizer’s PEAK6 Capital Management, Citadel Investment Group, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Investment Technology Group (NYSE:ITG) but similarly valued. We will take a look at American Renal Associates Holdings Inc (NYSE:ARA), Atwood Oceanics, Inc. (NYSE:ATW), Keryx Biopharmaceuticals (NASDAQ:KERX), and Aceto Corporation (NASDAQ:ACET). This group of stocks’ market valuations are closest to ITG’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $158 million. That figure was $36 million in ITG’s case. Atwood Oceanics, Inc. (NYSE:ATW) is the most popular stock in this table. On the other hand American Renal Associates Holdings Inc (NYSE:ARA) is the least popular one with only 7 bullish hedge fund positions. Investment Technology Group (NYSE:ITG) 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 ATW might be a better candidate to consider taking a long position in.

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Disclosure: None