What Hedge Funds Think About Terraping 3 Acquisition Corp (TRTL)?

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According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Fir Tree, managed by Jeffrey Tannenbaum, holds the most valuable position in Terraping 3 Acquisition Corp (NASDAQ:TRTL). Fir Tree has a $18.1 million position in the stock, comprising 0.3% of its 13F portfolio. The second most bullish fund is Blue Mountain Capital, run by Andrew Feldstein and Stephen Siderow, which holds a $15.3 million position; 0.3% of its 13F portfolio is allocated to the stock. Remaining professional money managers with similar optimism include Sander Gerber’s Hudson Bay Capital Management, Nick Niell’s Arrowgrass Capital Partners and Paul Glazer’s Glazer Capital.

Consequently, Ionic Capital Management, managed by Bart Baum, initiated a position in Terraping 3 Acquisition Corp (NASDAQ:TRTL) that was worth $0.1 million at the end of the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Terraping 3 Acquisition Corp (NASDAQ:TRTL). These stocks are Rayonier Advanced Materials Inc (NYSE:RYAM), Amarin Corporation plc (ADR) (NASDAQ:AMRN), Curis, Inc. (NASDAQ:CRIS), and CNB Financial Corporation Inc (NASDAQ:CCNE). This group of stocks’ market caps are similar to TRTL’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
RYAM 20 26455 4
AMRN 13 50817 -1
CRIS 12 63249 0
CCNE 4 20991 1

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 $40 million. Rayonier Advanced Materials Inc (NYSE:RYAM) is the most popular stock in this table with 20 long positions, while CNB Financial Corporation Inc (NASDAQ:CCNE) is the least popular one with only four funds reporting stakes. Terraping 3 Acquisition Corp (NASDAQ:TRTL) is not the most popular stock in this group, but hedge fund interest is still above average. Moreover,  the funds we track held $97 million worth of TRTL’s stock. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are collectively most bullish on, such as RYAM, in this particular case.

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