Is 1st Source Corporation (SRCE) A Good Stock To Buy?

Because 1st Source Corporation (NASDAQ:SRCE) has witnessed a decline in interest from the smart money, it’s safe to say that there exists a select few fund managers who were dropping their full holdings in the third quarter. Interestingly, Israel Englander’s Millennium Management said goodbye to the largest investment of the 700 funds watched by Insider Monkey, comprising an estimated $0.9 million in stock, and Neil Chriss’s Hutchin Hill Capital was right behind this move, as the fund dropped about $0.4 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to 1st Source Corporation (NASDAQ:SRCE). We will take a look at Express, Inc. (NYSE:EXPR), Isle of Capri Casinos (NASDAQ:ISLE), National CineMedia, Inc. (NASDAQ:NCMI), and Helix Energy Solutions Group Inc. (NYSE:HLX). This group of stocks’ market valuations resemble SRCE’s market valuation.

As you can see these stocks had an average of 19.75 hedge funds with bullish positions and the average amount invested in these stocks was $149 million. That figure was $8 million in SRCE’s case. Express, Inc. (NYSE:EXPR) is the most popular stock in this table. On the other hand National CineMedia, Inc. (NASDAQ:NCMI) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks 1st Source Corporation (NASDAQ:SRCE) is even less popular than NCMI. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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