How Boulevard Acquisition Corp II (BLVD) Stacks Up Against Its Peers

Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s go over hedge fund activity in other stocks similar to Boulevard Acquisition Corp II (NASDAQ:BLVD). We will take a look at Catchmark Timber Trust Inc (NYSE:CTT), NewStar Financial Inc (NASDAQ:NEWS), Everbridge Inc (NASDAQ:EVBG), and Century Communities, Inc (NYSE:CCS). All of these stocks’ market caps are similar to BLVD’s market cap.

As you can see these stocks had an average of 10.75 hedge funds with bullish positions and the average amount invested in these stocks was $64 million. That figure was $146 million in BLVD’s case. Century Communities, Inc (NYSE:CCS) is the most popular stock in this table. On the other hand NewStar Financial Inc (NASDAQ:NEWS) is the least popular one with only 4 bullish hedge fund positions. Boulevard Acquisition Corp II (NASDAQ:BLVD) 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 CCS might be a better candidate to consider taking a long position in.