How Novadaq Technologies Inc. (NVDQ) Stacks Up Against Its Peers

Consequently, specific money managers were leading the bulls’ herd. D E Shaw, one of the biggest hedge funds in the world, initiated the largest position in Novadaq Technologies Inc. (NASDAQ:NVDQ). D E Shaw had $0.7 million invested in the company at the end of the quarter. Adam Usdan’s Trellus Management Company also made a $0.2 million investment in the stock during the quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Novadaq Technologies Inc. (NASDAQ:NVDQ) but similarly valued. We will take a look at Eldorado Resorts Inc (NASDAQ:ERI), Northstar Realty Europe Corp (NYSE:NRE), New York Mortgage Trust, Inc. (NASDAQ:NYMT), and Manitowoc Company, Inc. (NYSE:MTW). All of these stocks’ market caps match NVDQ’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $133 million. That figure was $82 million in NVDQ’s case. Manitowoc Company, Inc. (NYSE:MTW) is the most popular stock in this table. On the other hand New York Mortgage Trust, Inc. (NASDAQ:NYMT) is the least popular one with only 3 bullish hedge fund positions. Novadaq Technologies Inc. (NASDAQ:NVDQ) 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 MTW might be a better candidate to consider taking a long position in.

Disclosure: None