As aggregate interest increased, key hedge funds were leading the bulls’ herd. George McCabe’s Portolan Capital Management initiated the biggest position in Ardmore Shipping Corp (NYSE:ASC). Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners also initiated a $0.3 million position during the quarter. The other funds with new positions in the stock are Israel Englander’s Millennium Management, Glenn Russell Dubin’s Highbridge Capital Management, and Jim Simons’s Renaissance Technologies.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Ardmore Shipping Corp (NYSE:ASC) but similarly valued. We will take a look at Mobileiron Inc (NASDAQ:MOBL), Datalink Corporation (NASDAQ:DTLK), Tandem Diabetes Care Inc (NASDAQ:TNDM), and Enzo Biochem, Inc. (NYSE:ENZ). This group of stocks’ market valuations resemble ASC’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 12 hedge funds with bullish positions and the average amount invested in these stocks was $22 million. That figure was $13 million in ASC’s case. Datalink Corporation (NASDAQ:DTLK) is the most popular stock in this table. On the other hand Mobileiron Inc (NASDAQ:MOBL) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Ardmore Shipping Corp (NYSE:ASC) is even less popular than MOBL. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.