Hedge Funds Aren’t Crazy About Photronics, Inc. (PLAB) Anymore

Seeing as Photronics, Inc. (NASDAQ:PLAB) has experienced bearish sentiment from the smart money, we can see that there were a few hedgies that slashed their full holdings heading into Q4. At the top of the heap, Joshua Packwood and Schuster Tanger’s Radix Partners said goodbye to the biggest investment of all the hedgies watched by Insider Monkey, comprising an estimated $0.3 million in stock. Louis Navellier’s fund, Navellier & Associates, also dumped its stock, about $0.2 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Photronics, Inc. (NASDAQ:PLAB). We will take a look at Piper Jaffray Companies (NYSE:PJC), Eagle Pharmaceuticals Inc (NASDAQ:EGRX), Jumei International Holding Ltd (ADR) (NYSE:JMEI), and National Bank Holdings Corp (NYSE:NBHC). This group of stocks’ market caps match PLAB’s market cap.

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 $95 million. That figure was $71 million in PLAB’s case. Eagle Pharmaceuticals Inc (NASDAQ:EGRX) is the most popular stock in this table. On the other hand Piper Jaffray Companies (NYSE:PJC) is the least popular one with only 7 bullish hedge fund positions. Photronics, Inc. (NASDAQ:PLAB) 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 EGRX might be a better candidate to consider taking a long position in.

Disclosure: None