How do we determine whether Agree Realty Corporation (NYSE:ADC) makes for a good investment at the moment? We analyze the sentiment of a select group of the very best investors in the world, who spend immense amounts of time and resources studying companies. They may not always be right (no one is), but data shows that their consensus long positions have historically outperformed the market when we adjust for known risk factors.
Is Agree Realty Corporation the right investment to pursue these days? The smart money is becoming less confident. The number of bullish hedge fund positions retreated by 4 in recent months. At the end of this article we will also compare ADC to other stocks including LGI Homes Inc (NASDAQ:LGIH), WMIH Corp (NASDAQ:WMIH), and Navios Maritime Acquisition Corp (NYSE:NNA) to get a better sense of its popularity.
Now, let’s take a peek at the new action surrounding Agree Realty Corporation (NYSE:ADC).
What have hedge funds been doing with Agree Realty Corporation (NYSE:ADC)?
Heading into Q4, a total of 7 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -36% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Millennium Management, managed by Israel Englander, holds the most valuable position in Agree Realty Corporation (NYSE:ADC). Millennium Management has a $4.8 million position in the stock, comprising less than 0.1% of its 13F portfolio. Coming in second is Renaissance Technologies, led by Jim Simons, holding a $4.2 million position; less than 0.1% of its 13F portfolio is allocated to the stock. Some other members of the smart money that are bullish encompass Cliff Asness’s AQR Capital Management, John Overdeck and David Siegel’s Two Sigma Advisors and D. E. Shaw’s D E Shaw.