Now, key hedge funds were leading the bulls’ herd. Southpoint Capital Advisors, led by John Smith Clark, assembled the most outsized position in Atlantica Yield PLC (NASDAQ:ABY). Southpoint Capital Advisors had $14.3 million invested in the company at the end of the quarter. David Halpert’s Prince Street Capital Management also initiated a $4.3 million position during the quarter. The only other fund with a brand new ABY position is George Hall’s Clinton Group.
Let’s go over hedge fund activity in other stocks similar to Atlantica Yield PLC (NASDAQ:ABY). These stocks are Grand Canyon Education Inc (NASDAQ:LOPE), Rowan Companies PLC (NYSE:RDC), Masonite International Corp (NYSE:DOOR), and CVB Financial Corp. (NASDAQ:CVBF). All of these stocks’ market caps resemble ABY’s market cap.
|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 18 hedge funds with bullish positions and the average amount invested in these stocks was $223 million. That figure was $385 million in ABY’s case. Rowan Companies PLC (NYSE:RDC) is the most popular stock in this table, while CVB Financial Corp. (NASDAQ:CVBF) is the least popular one with only seven funds holding shares. Atlantica Yield PLC (NASDAQ:ABY) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RDC might be a better candidate to consider taking a long position in.