As aggregate interest increased, specific money managers were breaking ground themselves. Portolan Capital Management initiated the most valuable position in Destination Maternity Corp (NASDAQ:DEST). Portolan Capital Management had $2.3 million invested in the company at the end of the quarter. Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital also made a $0 million investment in the stock during the quarter.
Let’s now review hedge fund activity in other stocks similar to Destination Maternity Corp (NASDAQ:DEST). These stocks are Digirad Corporation (NASDAQ:DRAD), Hydra Industries Acquisition Corp. (NASDAQ:HDRA), Kindred Biosciences Inc (NASDAQ:KIN), and American Superconductor Corporation (NASDAQ:AMSC). This group of stocks’ market values are similar to DEST’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $22 million. That figure was $19 million in DEST’s case. Digirad Corporation (NASDAQ:DRAD) is the most popular stock in this table. On the other hand Hydra Industries Acquisition Corp. (NASDAQ:HDRA) is the least popular one with only 5 bullish hedge fund positions. Destination Maternity Corp (NASDAQ:DEST) 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 DRAD might be a better candidate to consider taking a long position in.