Greenlight Capital Re, Ltd. (GLRE): Are Hedge Funds Right About This Stock?

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On the other hand, a number of funds who sold off their full holdings last quarter. Interestingly, Terence Hogan’s Addison Clark Management said goodbye to the largest position of all the investors studied by Insider Monkey, worth an estimated $3.4 million in stock, and Ron Bobman’s Capital Returns Management was right behind this move, as the fund sold off about $0.5 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks similar to Greenlight Capital Re, Ltd. (NASDAQ:GLRE). We will take a look at Sandstorm Gold Ltd. (NYSE:SAND), Encore Wire Corporation (NASDAQ:WIRE), Constellium NV (NYSE:CSTM), and Wave Life Sciences Ltd (NASDAQ:WVE). All of these stocks’ market caps match GLRE’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SAND 11 25099 1
WIRE 12 43824 -4
CSTM 32 283817 4
WVE 5 299656 -1

As you can see these stocks had an average of 15 funds with bullish positions and the average amount invested in these stocks was $163 million. That figure was $37 million in GLRE’s case. Constellium NV (NYSE:CSTM) is by far the most popular stock in this table. On the other hand Wave Life Sciences Ltd (NASDAQ:WVE) is the least popular one with only five bullish hedge fund positions. Greenlight Capital Re, Ltd. (NASDAQ:GLRE) 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 CSTM might be a better candidate to consider taking a long position in.

Disclosure: none

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