How New York & Company, Inc. (NWY) Stacks Up Against Its Peers

Seeing as New York & Company, Inc. (NYSE:NWY) has gone through a decline in interest from the smart money, we can see that there exists a select few money managers that slashed their positions entirely by the end of the third quarter. Interestingly, Mark N. Diker’s Diker Management sold off the biggest position of all the hedgies followed by Insider Monkey, totaling about $0.3 million in stock, and Israel Englander’s Millennium Management was right behind this move, as the fund dropped about $0.1 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as New York & Company, Inc. (NYSE:NWY) but similarly valued. These stocks are Radio One, Inc. (NASDAQ:ROIAK), Ocean Shore Holding Co (NASDAQ:OSHC), Kopin Corporation (NASDAQ:KOPN), and BioDelivery Sciences International, Inc. (NASDAQ:BDSI). All of these stocks’ market caps resemble NWY’s market cap.

As you can see these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $15 million. That figure was $16 million in NWY’s case. BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is the most popular stock in this table. On the other hand Kopin Corporation (NASDAQ:KOPN) is the least popular one with only 2 bullish hedge fund positions. New York & Company, Inc. (NYSE:NWY) 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 BDSI might be a better candidate to consider taking a long position in.

Disclosure: None