Hedge Funds Are Crazy About Aspen Aerogels Inc (ASPN)

Consequently, some big names were leading the bulls’ herd. Renaissance Technologies, managed by Jim Simons, established a position in Aspen Aerogels Inc (NYSE:ASPN). Renaissance Technologies had $0.7 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $0.2 million investment in the stock during the quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Aspen Aerogels Inc (NYSE:ASPN) but similarly valued. These stocks are Maxwell Technologies Inc. (NASDAQ:MXWL), HORSEHEAD HOLDING CORP. (NASDAQ:ZINC), Hurco Companies, Inc. (NASDAQ:HURC), and Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG). This group of stocks’ market values are similar to ASPN’s market value.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $27 million. That figure was $10 million in ASPN’s case. Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG)) is the most popular stock in this table. On the other hand Hurco Companies, Inc. (NASDAQ:HURC) is the least popular one. With only 4 bullish hedge fund positions, Aspen Aerogels Inc (NYSE:ASPN) is even less popular than HURC. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case, more research is warranted.