Hedge Funds Are Buying Flexsteel Industries, Inc. (FLXS)

As one would reasonably expect, some big names were breaking ground themselves. Renaissance Technologies, one of the largest hedge funds in the world,established the most outsized position in Flexsteel Industries, Inc. (NASDAQ:FLXS). Renaissance Technologies had $1.4 million invested in the company at the end of the quarter. Mike Vranos’ Ellington also initiated a $0.2 million position during the quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Flexsteel Industries, Inc. (NASDAQ:FLXS). These stocks are First Bancorp (NASDAQ:FBNC), Whitestone REIT (NYSE:WSR), NanoString Technologies Inc (NASDAQ:NSTG), and DICE HOLDINGS, INC. (NYSE:DHX). This group of stocks’ market valuations are similar to FLXS’s market valuation.

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 $42 million. That figure was $60 million in FLXS’s case. NanoString Technologies Inc (NASDAQ:NSTG) is the most popular stock in this table. On the other hand Whitestone REIT (NYSE:WSR) is the least popular one with only 7 bullish hedge fund positions. Flexsteel Industries, Inc. (NASDAQ:FLXS) 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 NSTG might be a better candidate to consider taking a long position in.

Disclosure: None