Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. In this article we are going to take a look at smart money sentiment towards Hooper Holmes, Inc. (NYSEMKT:HH).
Is Hooper Holmes, Inc. (NYSEMKT:HH) a healthy stock for your portfolio? The stock has plunged by over 80% since the beginning of the year, but investors from our database are taking an optimistic view. The number of bullish hedge fund bets increased by 1 in recent months. HH was in 5 hedge funds’ portfolios at the end of September. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as RLJ Entertainment Inc (NASDAQ:RLJE), Dex Media Inc (NASDAQ:DXM), and QKL Stores Inc (NASDAQ:QKLS) to gather more data points.
If you’d ask most stock holders, hedge funds are seen as unimportant, old investment vehicles of yesteryear. While there are greater than 8000 funds with their doors open at the moment, We hone in on the leaders of this club, about 700 funds. These hedge fund managers oversee most of all hedge funds’ total capital, and by watching their inimitable investments, Insider Monkey has identified a number of investment strategies that have historically outpaced the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy outstripped the S&P 500 index by 12 percentage points a year for a decade in their back tests.
Now, let’s take a look at the key action regarding Hooper Holmes, Inc. (NYSEMKT:HH).
How have hedgies been trading Hooper Holmes, Inc. (NYSEMKT:HH)?
At the Q3’s end, a total of 5 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 25% from the second quarter. With hedgies’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings substantially (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Cannell Capital, managed by J. Carlo Cannell, holds the biggest position in Hooper Holmes, Inc. (NYSEMKT:HH), valued at $1.2 million and comprising 0.4% of its 13F portfolio. Sitting at the No. 2 spot is Jim Simons’ Renaissance Technologies, with a $0.1 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other members of the smart money that are bullish encompass John H Lewis’ Osmium Partners, Ken Griffin’s Citadel Investment Group and Israel Englander’s Millennium Management. Millennium initiated a stake in the company during the third quarter.
Let’s now take a look at hedge fund activity in other stocks similar to Hooper Holmes, Inc. (NYSEMKT:HH). These stocks are RLJ Entertainment Inc (NASDAQ:RLJE), Dex Media Inc (NASDAQ:DXM), and QKL Stores Inc (NASDAQ:QKLS). This group of stocks’ market values are closest to HH’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
So, the table shows that the hedge fund interest is pretty much the same for all four stocks. Hooper Holmes is not the least popular compared with these stocks, but the level of the interest is still not high enough. In any case, the stock requires a more detailed research before making a decision, but we prefer to follow stocks that have more hedge funds invested in them.