Here is What Hedge Funds Think About Gener8 Maritime Inc (GNRT)

Judging by the fact that Gener8 Maritime Inc (NYSE:GNRT) has weathered falling interest from the entirety of the hedge funds we track, it’s easy to see that there was a specific group of fund managers who were dropping their full holdings in the third quarter. It’s worth mentioning that Israel Englander’s Millennium Management said goodbye to the largest investment of all the hedgies tracked by Insider Monkey, totaling about $0.8 million in stock, and Peter Muller’s PDT Partners was right behind this move, as the fund said goodbye to about $0.3 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Gener8 Maritime Inc (NYSE:GNRT) but similarly valued. We will take a look at PROS Holdings, Inc. (NYSE:PRO), Tredegar Corporation (NYSE:TG), Clovis Oncology Inc (NASDAQ:CLVS), and Heritage Financial Corporation (NASDAQ:HFWA). This group of stocks’ market caps match GNRT’s market cap.

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 $237 million. That figure was $216 million in GNRT’s case. Clovis Oncology Inc (NASDAQ:CLVS) is the most popular stock in this table. On the other hand PROS Holdings, Inc. (NYSE:PRO) is the least popular one with only 5 bullish hedge fund positions. Gener8 Maritime Inc (NYSE:GNRT) 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 CLVS might be a better candidate to consider taking a long position in.

Disclosure: None