In addition, there was a specific group of money managers who sold off their full holdings last quarter. At the top of the heap, Mark Weissman, Adam Cohen and David Coleto’s Caspian Capital Partners dumped the largest stake of the “upper crust” of funds watched by Insider Monkey, valued at an estimated $4.1 million in stock, and Marc Majzner’s Clearline Capital was right behind this move, as the fund cut about $2.2 million worth. These moves are interesting, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s also examine hedge fund activity in other stocks similar to Intelsat SA (NYSE:I). We will take a look at Atrion Corporation (NASDAQ:ATRI), McGrath RentCorp (NASDAQ:MGRC), DHT Holdings Inc (NYSE:DHT), and On Deck Capital Inc (NYSE:ONDK). This group of stocks’ market values are similar to I’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 13 hedge funds with bullish positions and the average amount invested in these stocks was $120 million, compared to $49 million in I’s case. DHT Holdings Inc (NYSE:DHT) is the most popular stock in this table. On the other hand, McGrath RentCorp (NASDAQ:MGRC) is the least popular one with only 6 bullish hedge fund positions. Intelsat SA (NYSE:I) 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 DHT might be a better candidate to consider a long position.