What Hedge Funds Think about Raven Industries, Inc. (RAVN)?

With a general bullishness amongst the heavyweights, specific money managers have jumped into Raven Industries, Inc. (NASDAQ:RAVN) headfirst. Cove Street Capital created the largest position in Raven Industries, Inc. (NASDAQ:RAVN). Millennium Management, which is one of the largest hedge funds in the world, also made a $3.1 million investment in the stock during the quarter. The other funds with brand new RAVN positions are Joel Greenblatt’s Gotham Asset Management, Paul Tudor Jones’ Tudor Investment Corp, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Raven Industries, Inc. (NASDAQ:RAVN). We will take a look at TCP Capital Corp (NASDAQ:TCPC), Ambac Financial Group, Inc. (NASDAQ:AMBC), Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA), and Asanko Gold Inc (NYSEAMEX:AKG). This group of stocks’ market values are similar to RAVN’s market value.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $103 million. That figure was $78 million in RAVN’s case. Ambac Financial Group, Inc. (NASDAQ:AMBC) is the most popular stock in this table. On the other hand TCP Capital Corp (NASDAQ:TCPC) is the least popular one with only six bullish hedge fund positions. Raven Industries, Inc. (NASDAQ:RAVN) 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 Ambac Financial Group, Inc. (NASDAQ:AMBC) might be a better candidate to consider taking a long position in.

Disclosure: none