It’s worth mentioning that John A. Levin’s Levin Capital Strategies said goodbye to the biggest stake of the “upper crust” of funds tracked by Insider Monkey, comprising close to $1.4 million in stock, and Boaz Weinstein’s Saba Capital was right behind this move, as the fund cut about $1 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Tetra Tech, Inc. (NASDAQ:TTEK) but similarly valued. We will take a look at Hatteras Financial Corp. (NYSE:HTS), WNS (Holdings) Limited (ADR) (NYSE:WNS), Alon USA Partners LP (NYSE:ALDW), and Meritage Homes Corp (NYSE:MTH). This group of stocks’ market valuations resemble TTEK’s market valuation.
|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 10 hedge funds with bullish positions and the average amount invested in these stocks was $94 million. That figure was $113 million in TTEK’s case. Meritage Homes Corp (NYSE:MTH) is the most popular stock in this table. On the other hand Alon USA Partners LP (NYSE:ALDW) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Tetra Tech, Inc. (NASDAQ:TTEK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.