As industrywide interest jumped, key money managers were breaking ground themselves. Citadel Investment Group, led by Ken Griffin, initiated the most outsized position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD). Citadel Investment Group had $0.4 million invested in the company at the end of the quarter. Nelson Obus’s Wynnefield Capital also initiated a $0.4 million position during the quarter. The only other fund with a brand new GLDD position is John A. Levin’s Levin Capital Strategies.
Let’s also examine hedge fund activity in other stocks similar to Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD). These stocks are Vishay Precision Group Inc (NYSE:VPG), Veracyte Inc (NASDAQ:VCYT), Flex Pharma Inc (NASDAQ:FLKS), and Black Box Corporation (NASDAQ:BBOX). This group of stocks’ market valuations are closest to GLDD’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 8.25 hedge funds with bullish positions and the average amount invested in these stocks was $25 million. That figure was $9 million in GLDD’s case. Vishay Precision Group Inc (NYSE:VPG) is the most popular stock in this table. On the other hand Flex Pharma Inc (NASDAQ:FLKS) is the least popular one with only 4 bullish hedge fund positions. Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) is the most popular stock in this group, along with VPG. Given that, the stock may be worth a closer look.