Hedge Funds Are Jumping Back Into Tech Data Corp (TECD)

As aggregate interest increased, key hedge funds were breaking ground themselves. Citadel Investment Group assembled the biggest position in Tech Data Corp (NASDAQ:TECD). Alyeska Investment Group also made a $20.1 million investment in the stock during the quarter. The other funds with brand new TECD positions are Carlson Capital, Ken Heebner’s Capital Growth Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Tech Data Corp (NASDAQ:TECD) but similarly valued. We will take a look at Spirit Airlines Incorporated (NASDAQ:SAVE), Owens-Illinois Inc (NYSE:OI), John Wiley & Sons Inc (NYSE:JW), and Nevro Corp (NYSE:NVRO). All of these stocks’ market caps resemble TECD’s market cap.

As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $375 million. That figure was $294 million in TECD’s case. Nevro Corp (NYSE:NVRO) is the most popular stock in this table. On the other hand John Wiley & Sons Inc (NYSE:JW) is the least popular one with only 12 bullish hedge fund positions. Tech Data Corp (NASDAQ:TECD) 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 NVRO might be a better candidate to consider taking a long position in.

Disclosure: None