With a general bullishness amongst the heavyweights, key hedge funds have been driving this bullishness. AlphaOne Capital Partners initiated the largest position in Hanmi Financial Corp (NASDAQ:HAFC). AlphaOne Capital Partners had $3.6 million invested in the company at the end of the quarter. Ken Fisher’s Fisher Asset Management also initiated an $2.9 million position during the quarter. The following funds were also among the new HAFC investors: Neil Chriss’ Hutchin Hill Capital, Peter Muller’s PDT Partners, and Matthew Hulsizer’s PEAK6 Capital Management.
Let’s also examine hedge fund activity in other stocks similar to Hanmi Financial Corp (NASDAQ:HAFC). We will take a look at LHC Group, Inc. (NASDAQ:LHCG), WSFS Financial Corporation (NASDAQ:WSFS), Amplify Snack Brands Inc (NYSE:BETR), and Pampa Energia S.A. (ADR) (NYSE:PAM). All of these stocks’ market caps are similar to HAFC’s market cap.
|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 13 hedge funds with bullish positions and the average amount invested in these stocks was $82 million. That figure was $72 million in HAFC’s case. LHC Group, Inc. (NASDAQ:LHCG) is the most popular stock in this table. On the other hand WSFS Financial Corporation (NASDAQ:WSFS) is the least popular one with only 9 bullish hedge fund positions. Hanmi Financial Corp (NASDAQ:HAFC) is not the least popular stock in this group, with the number of funds with long positions equal to the average for the four aforementioned stocks. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LHCG might be a better candidate to consider a long position.