Tidewater Inc. (TDW)’s Stock Drops on Disappointing Financial Results

Since Tidewater Inc. (NYSE:TDW) has witnessed bearish sentiment from hedge fund managers, it’s safe to say that there exists a select few fund managers who were dropping their entire stakes last quarter. Interestingly, Paul Orlin and Alex Porter’s Amici Capital sold off the largest investment of the 700 funds followed by Insider Monkey, worth about $3.7 million in stock, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital was right behind this move, as the fund sold off about $1 million worth.

Let’s also examine hedge fund activity in other stocks similar to Tidewater Inc. (NYSE:TDW). We will take a look at Culp, Inc. (NYSE:CFI), Eclipse Resources Corp (NYSE:ECR), Cardionet Inc (NASDAQ:BEAT), and Karyopharm Therapeutics Inc (NASDAQ:KPTI). This group of stocks’ market valuations resemble TDW’s market valuation.

As you can see these stocks had an average of nine hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $32 million in TDW’s case. Cardionet Inc (NASDAQ:BEAT) is the most popular stock in this table. On the other hand Karyopharm Therapeutics Inc (NASDAQ:KPTI) is the least popular one with only five bullish hedge fund positions. Tidewater Inc. (NYSE:TDW) 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 BEAT might be a better candidate to consider a long position.

Disclosure: None