Endeavour Silver Corp. (CAN) (NYSE:EXK) investors should be aware of a decrease in support from the world’s most elite money managers of late.
At the moment, there are a multitude of metrics investors can use to analyze Mr. Market. A couple of the most underrated are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the elite fund managers can beat the market by a very impressive amount (see just how much).
Just as key, bullish insider trading sentiment is another way to break down the stock market universe. Just as you’d expect, there are a number of stimuli for a bullish insider to drop shares of his or her company, but just one, very obvious reason why they would buy. Various empirical studies have demonstrated the impressive potential of this tactic if shareholders know where to look (learn more here).
Now, it’s important to take a peek at the key action encompassing Endeavour Silver Corp. (CAN) (NYSE:EXK).
What have hedge funds been doing with Endeavour Silver Corp. (CAN) (NYSE:EXK)?
Heading into Q2, a total of 6 of the hedge funds we track held long positions in this stock, a change of -14% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were upping their stakes considerably.
According to our comprehensive database, Renaissance Technologies, managed by Jim Simons, holds the biggest position in Endeavour Silver Corp. (CAN) (NYSE:EXK). Renaissance Technologies has a $21.7 million position in the stock, comprising 0.1% of its 13F portfolio. Coming in second is Chuck Royce of Royce & Associates, with a $9.3 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedgies that hold long positions include Eric Sprott’s Sprott Asset Management, Ken Griffin’s Citadel Investment Group and D. E. Shaw’s D E Shaw.
Because Endeavour Silver Corp. (CAN) (NYSE:EXK) has witnessed falling interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few funds that elected to cut their positions entirely at the end of the first quarter. Intriguingly, Israel Englander’s Millennium Management cut the largest position of the “upper crust” of funds we watch, totaling close to $1.6 million in stock.. Steven Cohen’s fund, SAC Capital Advisors, also dumped its stock, about $0.1 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest dropped by 1 funds at the end of the first quarter.
How are insiders trading Endeavour Silver Corp. (CAN) (NYSE:EXK)?
Insider purchases made by high-level executives is most useful when the company in focus has experienced transactions within the past half-year. Over the last 180-day time frame, Endeavour Silver Corp. (CAN) (NYSE:EXK) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Endeavour Silver Corp. (CAN) (NYSE:EXK). These stocks are First Majestic Silver Corp (NYSE:AG), Hecla Mining Company (NYSE:HL), Silver Standard Resources Inc. (USA) (NASDAQ:SSRI), Mag Silver Corp (USA) (NYSEAMEX:MVG), and Silvercorp Metals Inc. (USA) (NYSE:SVM). This group of stocks are in the silver industry and their market caps are similar to EXK’s market cap.