Hedge Funds Are Dumping Urban Edge Properties (UE)

Due to the fact that Urban Edge Properties (NYSE:UE) has experienced a declining sentiment from the smart money, we can see that there exists a select few hedgies that elected to cut their positions entirely in the third quarter. At the top of the heap, Peter Muller’s PDT Partners said goodbye to the largest position of the 700 funds tracked by Insider Monkey, comprising an estimated $1.3 million in stock. Cliff Asness’s fund, AQR Capital Management, also sold off its stock, about $0.4 million worth of shares. These moves are important to note, as total hedge fund interest was cut by 2 funds in the third quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Urban Edge Properties (NYSE:UE) but similarly valued. We will take a look at NGL Energy Partners LP (NYSE:NGL), PDC Energy Inc (NASDAQ:PDCE), Groupon Inc (NASDAQ:GRPN), and J&J Snack Foods Corp. (NASDAQ:JJSF). All of these stocks’ market caps are similar to Urban Edge Properties (NYSE:UE)’s market cap.

As you can see, these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $143 million. That figure was $11 million in Urban Edge Properties (NYSE:UE)’s case. PDC Energy Inc (NASDAQ:PDCE) is the most popular stock in this table. On the other hand, NGL Energy Partners LP (NYSE:NGL) is the least popular one with only 7 bullish hedge fund positions. Urban Edge Properties (NYSE:UE) 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, PDC Energy Inc (NASDAQ:PDCE) might be a better candidate to consider a long position.