Hedge Funds Are Buying Abraxas Petroleum Corp. (AXAS)

As one would reasonably expect, key money managers have jumped into Abraxas Petroleum Corp. (NASDAQ:AXAS) headfirst. Fir Tree, led by Jeffrey Tannenbaum, assembled the most valuable position in Abraxas Petroleum Corp. (NASDAQ:AXAS). Richard Driehaus’s Driehaus Capital also made a $0.1 million investment in the stock during the quarter.

Let’s also examine hedge fund activity in other stocks similar to Abraxas Petroleum Corp. (NASDAQ:AXAS). These stocks are Neff Corp (NYSE:NEFF), Park City Group, Inc. (NASDAQ:PCYG), Concert Pharmaceuticals Inc (NASDAQ:CNCE), and Titan Machinery Inc. (NASDAQ:TITN). This group of stocks’ market caps are closest to AXAS’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NEFF 5 7950 5
PCYG 5 1754 5
CNCE 16 46601 3
TITN 4 6661 -3

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $16 million. That figure was $18 million in AXAS’s case. Concert Pharmaceuticals Inc (NASDAQ:CNCE) is the most popular stock in this table. On the other hand Titan Machinery Inc. (NASDAQ:TITN) is the least popular one with only 4 bullish hedge fund positions. Abraxas Petroleum Corp. (NASDAQ:AXAS) 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 CNCE might be a better candidate to consider taking a long position in.

Disclosure: None