As industrywide interest jumped, specific money managers were leading the bulls’ herd. Skylands Capital, led by Charles Paquelet, assembled the largest position in Pure Cycle Corporation (NASDAQ:PCYO). According to its latest 13F filing, the fund had $1.5 million invested in the company at the end of the quarter. Renaissance Technologies, one of the largest hedge funds in the world, also initiated a $0.2 million position during the quarter.
Let’s also examine hedge fund activity in other stocks similar to Pure Cycle Corporation (NASDAQ:PCYO). These stocks are Points International Ltd (USA) (NASDAQ:PCOM), Ampco-Pittsburgh Corp. (NYSE:AP), TrovaGene Inc (NASDAQ:TROV), and Chemung Financial Corp. (NASDAQ:CHMG). This group of stocks’ market caps match PCYO’s market cap.
|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 4 hedge funds with bullish positions and the average amount invested in these stocks was $15 million. That figure was $55 million in PCYO’s case. Points International Ltd (USA) (NASDAQ:PCOM) is the most popular stock in this table. On the other hand Chemung Financial Corp. (NASDAQ:CHMG) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Pure Cycle Corporation (NASDAQ:PCYO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.