Hedge Funds Are Crazy About Hawaiian Electric Industries, Inc. (HE)

With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Balyasny Asset Management initiated the biggest position in Hawaiian Electric Industries, Inc. (NYSE:HE). Jonathan Barrett and Paul Segal’s Luminus Management also initiated a $9.8 million position during the quarter. The other funds with new positions in the stock are Michael Platt and William Reeves’ BlueCrest Capital Mgmt. and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Hawaiian Electric Industries, Inc. (NYSE:HE) but similarly valued. These stocks are Snyder S Lance Inc (NASDAQ:LNCE), Yelp Inc (NYSE:YELP), The Hanover Insurance Group, Inc. (NYSE:THG), and Catalent Inc (NYSE:CTLT). All of these stocks’ market caps resemble HE’s market cap.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $382 million. That figure was $117 million in HE’s case. Yelp Inc (NYSE:YELP) is the most popular stock in this table. On the other hand Snyder S Lance Inc (NASDAQ:LNCE) is the least popular one with only 8 bullish hedge fund positions. Hawaiian Electric Industries, Inc. (NYSE:HE) 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 YELP might be a better candidate to consider taking a long position in.

Disclosure: None