GP Strategies Corp (GPX): Are Hedge Funds Right About This Stock?

As aggregate interest increased, some big names have been driving this bullishness. Cove Street Capital created the most outsized position in GP Strategies Corp (NYSE:GPX). Ken Griffin’s Citadel Investment Group also initiated a $0.8 million position during the quarter. The only other fund with a new position in the stock is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s go over hedge fund activity in other stocks similar to GP Strategies Corp (NYSE:GPX). These stocks are FairPoint Communications Inc (NASDAQ:FRP), The Rubicon Project Inc (NYSE:RUBI), Celldex Therapeutics, Inc. (NASDAQ:CLDX), and On Deck Capital Inc (NYSE:ONDK). All of these stocks’ market caps resemble GPX’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $78 million. That figure was $138 million in GPX’s case. The Rubicon Project Inc (NYSE:RUBI) is the most popular stock in this table. On the other hand Celldex Therapeutics, Inc. (NASDAQ:CLDX) is the least popular one with only 10 bullish hedge fund positions. GP Strategies Corp (NYSE:GPX) 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 RUBI might be a better candidate to consider taking a long position in.

Disclosure: None