Huron Consulting Group (HURN): Are Hedge Funds Right About This Stock?

With a general bullishness amongst the heavyweights, key money managers have jumped into Huron Consulting Group (NASDAQ:HURN) headfirst. Millennium Management, one of the 10 largest hedge funds in the world,established the largest position in Huron Consulting Group (NASDAQ:HURN). Millennium Management had $1.2 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also initiated a $0.6 million position during the quarter. The other funds with brand new HURN positions are Matthew Tewksbury’s Stevens Capital Management and Dmitry Balyasny’s Balyasny Asset Management.

Let’s go over hedge fund activity in other stocks similar to Huron Consulting Group (NASDAQ:HURN). These stocks are MaxLinear, Inc. (NYSE:MXL), FibroGen Inc (NASDAQ:FGEN), Advantage Oil & Gas Ltd (USA) (NYSE:AAV), and Infinera Corp. (NASDAQ:INFN). This group of stocks’ market caps are similar to HURN’s market cap.

As you can see these stocks had an average of 16 funds with bullish positions and the average amount invested in these stocks was $88 million, versus $17 million in HURN’s case. MaxLinear, Inc. (NYSE:MXL) is the most popular stock in this table. On the other hand Advantage Oil & Gas Ltd (USA) (NYSE:AAV) is the least popular one with only nine funds holding shares. Huron Consulting Group (NASDAQ:HURN) 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, MaxLinear might be a better candidate to consider taking a long position in.

Disclosure: none