Is IDACORP Inc (IDA) A Good Stock to Buy?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dropped their positions entirely. At the top of the heap, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital dropped the biggest stake of all the investors watched by Insider Monkey, comprising close to $3.4 million in stock, and Glenn Russell Dubin’s Highbridge Capital Management was right behind this move, as the fund dropped about $2.2 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as IDACORP Inc (NYSE:IDA) but similarly valued. These stocks are Western Alliance Bancorporation (NYSE:WAL), RSP Permian Inc (NYSE:RSPP), Bright Horizons Family Solutions Inc (NYSE:BFAM), and Hudson Pacific Properties Inc (NYSE:HPP). This group of stocks’ market caps resemble IDA’s market cap.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $203 million. That figure was $96 million in IDA’s case. RSP Permian Inc (NYSE:RSPP) is the most popular stock in this table. On the other hand Bright Horizons Family Solutions Inc (NYSE:BFAM) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks IDACORP Inc (NYSE:IDA) is even less popular than BFAM. 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.

Disclosure: None