Hedge Funds Aren’t Crazy About BGC Partners, Inc. (BGCP) Anymore

Judging by the fact that BGC Partners, Inc. (NASDAQ:BGCP) has encountered declining sentiment from the aggregate hedge fund industry, it’s safe to say that there exists a select few hedgies that elected to cut their positions entirely last quarter. Intriguingly, Paul Marshall and Ian Wace’s Marshall Wace LLP sold off the largest position of all the hedgies followed by Insider Monkey, totaling about $5.8 million in stock. Matthew Taylor and Ty Popplewell’s fund, Kortright Capital Partners, also dropped its stock, about $5.7 million worth.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as BGC Partners, Inc. (NASDAQ:BGCP) but similarly valued. These stocks are Summit Materials Inc (NYSE:SUM), Allscripts Healthcare Solutions Inc (NASDAQ:MDRX), Lexington Realty Trust (NYSE:LXP), and Lexmark International Inc (NYSE:LXK). All of these stocks’ market caps are similar to BGCP’s market cap.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $345 million. That figure was $98 million in BGCP’s case. Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) is the most popular stock in this table. On the other hand Lexington Realty Trust (NYSE:LXP) is the least popular one with only 16 bullish hedge fund positions. BGC Partners, Inc. (NASDAQ:BGCP) 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 MDRX might be a better candidate to consider taking a long position in.

Disclosure: None