Do Hedge Funds Love Middlesex Water Company (MSEX)?

Consequently, some big names have jumped into Middlesex Water Company (NASDAQ:MSEX) headfirst. Citadel Investment Group established the most outsized position in Middlesex Water Company (NASDAQ:MSEX). Citadel Investment Group had $0.3 million invested in the company at the end of the quarter.

Let’s now review hedge fund activity in other stocks similar to Middlesex Water Company (NASDAQ:MSEX). These stocks are Bellicum Pharmaceuticals Inc (NASDAQ:BLCM), Ruby Tuesday, Inc. (NYSE:RT), Peabody Energy Corporation (NYSE:BTU), and OFG Bancorp (NYSE:OFG). All of these stocks’ market caps match Middlesex Water Company (NASDAQ:MSEX)’s market cap.

As you can see, these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $63 million. That figure was $11 million in Middlesex Water Company (NASDAQ:MSEX)’s case. Ruby Tuesday, Inc. (NYSE:RT) is the most popular stock in this table. On the other hand, OFG Bancorp (NYSE:OFG) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks, Middlesex Water Company (NASDAQ:MSEX) is even less popular than OFG Bancorp (NYSE:OFG). Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case, more research is warranted.