Hedge Fund Sentiment Is Stagnant On Oppenheimer Holdings Inc. (USA) (OPY)

We view hedge fund activity in the stock unfavorable, but in this case there was only a single hedge fund selling its entire position: GRT Capital Partners. One hedge fund selling its entire position doesn’t always imply a bearish intent. Theoretically a hedge fund may decide to sell a promising position in order to invest the proceeds in a more promising idea. However, we don’t think this is the case in this case because only one of the 800+ hedge funds tracked by Insider Monkey identified as a viable investment and initiated a position in the stock (that fund was Cove Street Capital).

Let’s also examine hedge fund activity in other stocks similar to Oppenheimer Holdings Inc. (USA) (NYSE:OPY). We will take a look at UFP Technologies, Inc. (NASDAQ:UFPT), Egalet Corp (NASDAQ:EGLT), PharmAthene, Inc. (NYSEAMEX:PIP), and Atlas Financial Holdings Inc (NASDAQ:AFH). This group of stocks’ market valuations are closest to OPY’s market valuation.

As you can see these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $29 million. That figure was $13 million in OPY’s case. PharmAthene, Inc. (NYSEAMEX:PIP) is the most popular stock in this table. On the other hand Egalet Corp (NASDAQ:EGLT) is the least popular one with only 3 bullish hedge fund positions. Oppenheimer Holdings Inc. (USA) (NYSE:OPY) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PIP might be a better candidate to consider taking a long position in.

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