As one would reasonably expect, key money managers have been driving this bullishness. Millennium Management, led by Israel Englander, assembled the largest position in Exactech, Inc. (NASDAQ:EXAC). Millennium Management had $0.5 million invested in the company at the end of the quarter. Chao Ku’s Nine Chapters Capital Management also initiated a $0.2 million position during the quarter.
Let’s also examine hedge fund activity in other stocks similar to Exactech, Inc. (NASDAQ:EXAC). We will take a look at IES Holdings Inc (NASDAQ:IESC), OMNOVA Solutions Inc. (NYSE:OMN), Applied Optoelectronics Inc (NASDAQ:AAOI), and Almost Family, Inc. (NASDAQ:AFAM). All of these stocks’ market caps are closest to EXAC’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 13.5 hedge funds with bullish positions and the average amount invested in these stocks was $107 million. That figure was $36 million in EXAC’s case. OMNOVA Solutions Inc. (NYSE:OMN) is the most popular stock in this table. On the other hand IES Holdings Inc (NASDAQ:IESC) is the least popular one with only 6 bullish hedge fund positions. Exactech, Inc. (NASDAQ:EXAC) 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 OMN might be a better candidate to consider taking a long position in.