Now, specific money managers were breaking ground themselves. Algert Coldiron Investors initiated the biggest position in Hardinge Inc. (NASDAQ:HDNG). Algert Coldiron Investors had $0.4 million invested in the company at the end of the quarter. GRT Capital Partners also initiated a $0.1 million position during the quarter.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Hardinge Inc. (NASDAQ:HDNG) but similarly valued. These stocks are Provectus Biopharmaceuticals Inc (NYSEMKT:PVCT), ArQule, Inc. (NASDAQ:ARQL), Rentech, Inc. (NYSEAMEX:RTK), and Computer Task Group, Inc. (NASDAQ:CTG). This group of stocks’ market valuations match HDNG’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 9 hedge funds with bullish positions and the average amount invested in these stocks was $24 million. That figure was $21 million in HDNG’s case. Computer Task Group, Inc. (NASDAQ:CTG) is the most popular stock in this table. On the other hand Provectus Biopharmaceuticals Inc (NYSEMKT:PVCT) is the least popular one with only 4 bullish hedge fund positions. Hardinge Inc. (NASDAQ:HDNG) 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 CTG might be a better candidate to consider a long position.