The worries about the economic slowdown in China and the ongoing uncertainty about the path of interest-rate increases triggered several waves of equity sell-offs during the third quarter. Of course, most hedge funds and other asset managers had to stomach substantial losses during the bloody three-month period, which might have caused some to consider fleeing the U.S. equity markets. Interestingly, smaller-cap stocks registered higher losses than large-capitalization stocks during the September quarter, suggesting that institutional investors heavily discarded seemingly riskier equities amid high uncertainty and turmoil. In fact, the Russell 2000 Index lost 11.9% in the third quarter, while the Standard and Poor’s 500 benchmark declined a mere 6.4%. This article will lay out and discuss the hedge fund and institutional investor sentiment towards Harmony Merger Corp (NASDAQ:HRMNU).
Hedge fund interest in Harmony Merger Corp (NASDAQ:HRMNU) was flat at the end of the last quarter. This is usually a negative indicator. At the end of this article, we will also compare Harmony Merger Corp (NASDAQ:HRMNU) to other stocks, including Resource America Inc (NASDAQ:REXI), EVINE Live Inc (NASDAQ:EVLV), and Perion Network Ltd (NASDAQ:PERI) to get a better sense of its popularity.
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In today’s marketplace, there are many tools that shareholders use to appraise publicly traded companies. A pair of the most underrated tools are hedge fund and insider trading moves. Our researchers have shown that, historically, those who follow the top picks of the best investment managers can outpace the S&P 500 by a solid amount (see the details here).
With all of this in mind, we’re going to take a look at the new action regarding Harmony Merger Corp (NASDAQ:HRMNU).
What have hedge funds been doing with Harmony Merger Corp (NASDAQ:HRMNU)?
At the end of the third quarter, a total of 6 of the hedge funds tracked by Insider Monkey held long positions in this stock, flat over the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were increasing their holdings significantly (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Robert Hockett’s Covalent Capital Partners has the number one position in Harmony Merger Corp (NASDAQ:HRMNU), worth close to $8.2 million, accounting for 1.7% of its total 13F portfolio. On Covalent Capital Partners’s heels is Hudson Bay Capital Management, managed by Sander Gerber, which holds a $6.6 million position; the fund has 0.3% of its 13F portfolio invested in the stock. Some other members of the smart money that hold long positions contain John Bader’s Halcyon Asset Management, Douglas Hirsch’s Seneca Capital and John Thiessen’s Vertex One Asset Management.