Is 8Point3 Energy Partners LP (CAFD) a Good Stock to Buy?

With a general bullishness amongst the heavyweights, some big names have jumped into 8Point3 Energy Partners LP (NASDAQ:CAFD) headfirst. Marshall Wace LLP initiated the most valuable position in 8Point3 Energy Partners LP (NASDAQ:CAFD). J. Alan Reid, Jr.’s Forward Management also initiated a $1 million position during the quarter. The other funds with new positions in the stock are Emanuel J. Friedman’s EJF Capital, George Hall’s Clinton Group, and Phil Frohlich’s Prescott Group Capital Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as 8Point3 Energy Partners LP (NASDAQ:CAFD) but similarly valued. We will take a look at The Andersons, Inc. (NASDAQ:ANDE), Repligen Corporation (NASDAQ:RGEN), Royce Value Trust Inc (NYSE:RVT), and Safety Insurance Group, Inc. (NASDAQ:SAFT). This group of stocks’ market caps are closest to CAFD’s market cap.

As you can see these stocks had an average of 11 funds with bullish positions and the average amount invested in these stocks was $37 million. That figure was $48 million in CAFD’s case. Repligen Corporation (NASDAQ:RGEN) is the most popular stock in this table. On the other hand Royce Value Trust Inc (NYSE:RVT) is the least popular one with only five bullish hedge fund positions. 8Point3 Energy Partners LP (NASDAQ:CAFD) 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 RGEN might be a better candidate to consider taking a long position in.

Disclosure: none