NanoString Technologies Inc (NSTG): Are Hedge Funds Right About This Stock?

Now, key hedge funds have been driving this bullishness. Renaissance Technologies created the largest position in NanoString Technologies Inc (NASDAQ:NSTG). Renaissance Technologies had $2.3 million invested in the company at the end of the quarter. Efrem Kamen’s Pura Vida Investments also made a $1.9 million investment in the stock during the quarter. The other funds with new positions in the stock are Kerr Neilson’s Platinum Asset Management, Ken Griffin’s Citadel Investment Group, and Principal Global Investors’s Columbus Circle Investors.

Let’s also examine hedge fund activity in other stocks similar to NanoString Technologies Inc (NASDAQ:NSTG). We will take a look at DICE HOLDINGS, INC. (NYSE:DHX), Teekay Tankers Ltd. (NYSE:TNK), Forestar Group Inc. (NYSE:FOR), and Carriage Services, Inc. (NYSE:CSV). This group of stocks’ market caps match NSTG’s market cap.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $55 million. That figure was $100 million in NSTG’s case. DICE HOLDINGS, INC. (NYSE:DHX) is the most popular stock in this table. On the other hand Teekay Tankers Ltd. (NYSE:TNK) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks NanoString Technologies Inc (NASDAQ:NSTG) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None