Consequently, key hedge funds have been driving this bullishness. Millennium Management initiated a $0.2 million position during the quarter. The other funds with new positions in the stock are Citadel Investment Group, and Dmitry Balyasny’s Balyasny Asset Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as BSQUARE Corporation (NASDAQ:BSQR) but similarly valued. We will take a look at Synalloy Corporation (NASDAQ:SYNL), Sphere 3D Corp. (NASDAQ:ANY), Patriot Transportation Holding Inc (NASDAQ:PATI), and Seventy Seven Energy Inc (NYSE:SSE). This group of stocks’ market caps resemble BSQUARE Corporation (NASDAQ:BSQR)’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see, these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $13 million. That figure was $9 million in BSQUARE Corporation (NASDAQ:BSQR)’s case. Seventy Seven Energy Inc (NYSE:SSE) is the most popular stock in this table. On the other hand, Synalloy Corporation (NASDAQ:SYNL) is the least popular one with only 4 bullish hedge fund positions. BSQUARE Corporation (NASDAQ:BSQR) 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, Seventy Seven Energy Inc (NYSE:SSE) might be a better candidate to consider a long position.