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City Office REIT Inc (CIO)Hedge Funds Are Snapping Up

Consequently, some big names were leading the bulls’ herd. Nine Chapters Capital Management, managed by Chao Ku, established a position in City Office REIT Inc (NYSE:CIO). Nine Chapters Capital Management had $0.2 million invested in the company at the end of the quarter.

Let’s now review hedge fund activity in other stocks similar to City Office REIT Inc (NYSE:CIO). These stocks are Basic Energy Services, Inc (NYSE:BAS), Republic First Bancorp, Inc. (NASDAQ:FRBK), Nordic American Offshore Ltd (NYSE:NAO), and QLT Inc. (USA) (NASDAQ:QLTI). This group of stocks’ market values match CIO’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BAS 10 32726 -5
FRBK 5 17072 -1
NAO 5 35678 0
QLTI 19 59657 -2

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $7 million in CIO’s case. The least popular stocks in this table are Republic First Bancorp, Inc. (NASDAQ:FRBK), and Nordic American Offshore Ltd (NYSE:NAO), while the most popular one is QLT Inc. (USA) (NASDAQ:QLTI). Compared to these stocks City Office REIT Inc (NYSE:CIO) has the same number of bullish hedge fund positions as the least popular stocks in this group. This may indicate that smart money isn’t behind this stock, and to understand why is that, further research is necessary. It is possible that investors thought that the stock is overvalued because they weren’t considering the bullish thesis. In either case, more detailed analyzes are advisable.

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