As industrywide interest jumped, key hedge funds have been driving this bullishness. Gotham Asset Management established the biggest position in MTS Systems Corporation (NASDAQ:MTSC). Gotham Asset Management had $6.1 million invested in the company at the end of the quarter. Neil Chriss’ Hutchin Hill Capital also made a $0.7 million investment in the stock during the quarter. The following funds were also among the new MTSC investors: George Hall’s Clinton Group and Matthew Tewksbury’s Stevens Capital Management.
Let’s now review hedge fund activity in other stocks similar to MTS Systems Corporation (NASDAQ:MTSC). These stocks are Gener8 Maritime Inc (NYSE:GNRT), Atara Biotherapeutics Inc (NASDAQ:ATRA), Flotek Industries Inc (NYSE:FTK), and Rapid7 Inc (NASDAQ:RPD). This group of stocks’ market values are closest to MTSC’s market value.
|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 $244 million. That figure was $151 million in MTSC’s case. Gener8 Maritime Inc (NYSE:GNRT) is the most popular stock in this table. On the other hand Rapid7 Inc (NASDAQ:RPD) is the least popular one with only 5 bullish hedge fund positions. MTS Systems Corporation (NASDAQ:MTSC) 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 GNRT might be a better candidate to consider a long position.