Is New York REIT Inc (NYRT) a Good Stock To Invest In?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually sold off their positions entirely. Interestingly, Jonathan Litt’s Land & Buildings Investment Management sold off the biggest position of the “upper crust” of funds followed by Insider Monkey, comprising an estimated $9.6 million in stock, and Glenn Russell Dubin’s Highbridge Capital Management was right behind this move, as the fund sold off about $4.1 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as New York REIT Inc (NYSE:NYRT) but similarly valued. We will take a look at Shutterfly, Inc. (NASDAQ:SFLY), Rexford Industrial Realty Inc (NYSE:REXR), LegacyTexas Financial Group Inc (NASDAQ:LTXB), and Waddell & Reed Financial, Inc. (NYSE:WDR). This group of stocks’ market caps match NYRT’s market cap.

As you can see these stocks had an average of 17 funds with bullish positions and the average amount invested in these stocks was $203 million. That figure was $131 million in NYRT’s case. Shutterfly, Inc. (NASDAQ:SFLY) is the most popular stock in this table, while Rexford Industrial Realty Inc (NYSE:REXR) is the least popular one with only 11 bullish hedge fund positions. New York REIT Inc (NYSE:NYRT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Shutterfly, Inc. (NASDAQ:SFLY) might be a better candidate to consider taking a long position in.

Disclosure: none