Is Intercontinental Exchange Inc (ICE) a Good Stock to Buy?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. Intriguingly, Andreas Halvorsen’s Viking Global said goodbye to the largest stake of all the investors tracked by Insider Monkey, totaling close to $290.1 million in stock. Louis Bacon’s fund, Moore Global Investments, also dropped its stock, about $16.7 million worth.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Intercontinental Exchange Inc (NYSE:ICE) but similarly valued. These stocks are Crown Castle International Corp. (NYSE:CCI), Canon Inc. (ADR) (NYSE:CAJ), American Electric Power Company, Inc. (NYSE:AEP), and Pioneer Natural Resources (NYSE:PXD). This group of stocks’ market caps are closest to ICE’s market cap.

As you can see these stocks had an average of 38 funds with bullish positions and the average amount invested in these stocks was $1.85 billion. That figure was $2.40 billion in ICE’s case. Pioneer Natural Resources (NYSE:PXD) is the most popular stock in this table, while Canon Inc. (ADR) (NYSE:CAJ) is the least popular one with only five investors reporting positions. Intercontinental Exchange Inc (NYSE:ICE) 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 PXD might be a better candidate to consider taking a long position in.

Disclosure: none