Hedge Funds Aren’t Crazy About Pattern Energy Group Inc (PEGI) Anymore

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that got rid of their entire stakes in the stock during the third quarter. It’s worth mentioning that Michael R. Weisberg’s Crestwood Capital Management got rid of the largest investment of the 700 funds studied by Insider Monkey, comprising close to $9.7 million in stock, and Jos Shaver’s Electron Capital Partners was right behind this move, as the fund cut about $9.1 million worth of shares.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Pattern Energy Group Inc (NASDAQ:PEGI) but similarly valued. These stocks are International Bancshares Corp (NASDAQ:IBOC), Bitauto Hldg Ltd (ADR) (NYSE:BITA), RBC Bearings Incorporated (NASDAQ:ROLL), and Fortress Investment Group LLC (NYSE:FIG). This group of stocks’ market valuations are closest to PEGI’s market valuation.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $165 million in PEGI’s case. Fortress Investment Group LLC (NYSE:FIG) is the most popular stock in this table. On the other hand International Bancshares Corp (NASDAQ:IBOC) is the least popular one with only 10 bullish hedge fund positions. Pattern Energy Group Inc (NASDAQ:PEGI) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FIG might be a better candidate to consider taking a long position in.

Disclosure: None