MYR Group Inc (MYRG): Are Hedge Funds Right About This Stock?

Since MYR Group Inc (NASDAQ:MYRG) has faced a falling interest from the aggregate hedge fund industry, logic holds that there lies a certain “tier” of money managers who were dropping their entire stakes by the end of the third quarter. Interestingly, Richard Driehaus’ Driehaus Capital cut the biggest investment of all the hedgies monitored by Insider Monkey, comprising an estimated $2.7 million in stock. Jeffrey Moskowitz’s fund, Harvey Partners, also dropped its stock, about $2.3 million worth of shares. These moves are interesting, as total hedge fund interest dropped by 2 funds by the end of the third quarter.

Let’s now review hedge fund activity in other stocks similar to MYR Group Inc (NASDAQ:MYRG). We will take a look at Triangle Capital Corporation (NYSE:TCAP), Mercury Systems Inc (NASDAQ:MRCY), PC Connection, Inc. (NASDAQ:PCCC), and Fly Leasing Ltd (ADR) (NYSE:FLY). This group of stocks’ market values resembles Is MYR Group Inc (NASDAQ:MYRG)’s market value.

As you can see, these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $60 million. That figure was $80 million in Is MYR Group Inc (NASDAQ:MYRG)’s case. Mercury Systems Inc (NASDAQ:MRCY) is the most popular stock in this table. On the other hand, Triangle Capital Corporation (NYSE:TCAP) is the least popular one with only 6 bullish hedge fund positions. MYR Group Inc (NASDAQ:MYRG) 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 Mercury Systems Inc (NASDAQ:MRCY) might be a better candidate to consider a long position.