Is Sykes Enterprises, Incorporated (SYKE) A Good Stock To Buy?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. Intriguingly, Ken Griffin’s Citadel Investment Group said goodbye to the largest stake of all the investors watched by Insider Monkey, valued at close to $0.2 million in stock. Chuck Royce’s fund, Royce & Associates, also dumped its stock, about $0.1 million worth.

Let’s also examine hedge fund activity in other stocks similar to Sykes Enterprises, Incorporated (NASDAQ:SYKE). These stocks are Loral Space & Communications Ltd. (NASDAQ:LORL), SPS Commerce, Inc. (NASDAQ:SPSC), Cynosure, Inc. (NASDAQ:CYNO), and McDermott International (NYSE:MDR). This group of stocks’ market values are similar to SYKE’s market value.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $255 million. That figure was $62 million in SYKE’s case. McDermott International (NYSE:MDR) is the most popular stock in this table. On the other hand SPS Commerce, Inc. (NASDAQ:SPSC) is the least popular one with only 10 bullish hedge fund positions. Sykes Enterprises, Incorporated (NASDAQ:SYKE) 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 MDR might be a better candidate to consider taking a long position in.

Disclosure: None