Hedge Funds Aren’t Crazy About Silver Bay Realty Trust Corp (SBY) Anymore

Judging by the fact that Silver Bay Realty Trust Corp (NYSE:SBY) has faced declining sentiment from the entirety of the hedge funds we track, logic holds that there lies a certain “tier” of funds that decided to sell off their positions entirely heading into Q4. At the top of the heap, Steve Pei’s Gratia Capital cashed in the biggest investment of all the hedgies followed by Insider Monkey, valued at an estimated $2.9 million in stock. Mike Vranos’ fund, Ellington, also cut its stock, about $0.2 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Silver Bay Realty Trust Corp (NYSE:SBY). These stocks are Univest Corp. of PA (NASDAQ:UVSP), Double Eagle Acqusition Corp (NASDAQ:EAGL), Westlake Chemical Partners LP (NYSE:WLKP), and Ultratech, Inc. (NASDAQ:UTEK). This group of stocks’ market valuations are similar to SBY’s market valuation.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $99 million. That figure was $115 million in SBY’s case. Double Eagle Acqusition Corp (NASDAQ:EAGL) is the most popular stock in this table. On the other hand Univest Corp. of PA (NASDAQ:UVSP) is the least popular one with only 3 bullish hedge fund positions. Silver Bay Realty Trust Corp (NYSE:SBY) 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 EAGL might be a better candidate to consider taking a long position in.

Disclosure: None