Here is What Hedge Funds Think About HTG Molecular Diagnostics, Inc. (HTGM)

Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors’ consensus returns have been exceptional. In the following paragraphs, we find out what the billionaire investors and hedge funds think of HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM).

Is HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) worth your attention right now? Investors who are in the know were getting more optimistic. The number of bullish hedge fund positions improved by 2 lately. HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) was in 5 hedge funds’ portfolios at the end of March. The all time high for this statistic is 10. Our calculations also showed that HTGM isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings). There were 3 hedge funds in our database with HTGM holdings at the end of December.

If you’d ask most stock holders, hedge funds are perceived as worthless, old financial tools of years past. While there are greater than 8000 funds with their doors open at present, We choose to focus on the elite of this club, around 850 funds. It is estimated that this group of investors handle bulk of all hedge funds’ total capital, and by keeping an eye on their first-class picks, Insider Monkey has deciphered numerous investment strategies that have historically surpassed the broader indices. Insider Monkey’s flagship short hedge fund strategy outstripped the S&P 500 short ETFs by around 20 percentage points per year since its inception in March 2017. Also, our monthly newsletter’s portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, an activist hedge fund owns nearly 40% of this $23 biotech stock and is trying to buy the rest for around $50. So, we recommended a long position to our monthly premium newsletter subscribers. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind let’s go over the latest hedge fund action regarding HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM).

Do Hedge Funds Think HTGM Is A Good Stock To Buy Now?

At Q1’s end, a total of 5 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 67% from one quarter earlier. By comparison, 4 hedge funds held shares or bullish call options in HTGM a year ago. With the smart money’s capital changing hands, there exists an “upper tier” of key hedge fund managers who were adding to their stakes considerably (or already accumulated large positions).

The largest stake in HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) was held by Samjo Capital, which reported holding $2.4 million worth of stock at the end of December. It was followed by Nantahala Capital Management with a $2 million position. Other investors bullish on the company included AIGH Investment Partners, Renaissance Technologies, and Citadel Investment Group. In terms of the portfolio weights assigned to each position Samjo Capital allocated the biggest weight to HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM), around 1.74% of its 13F portfolio. AIGH Investment Partners is also relatively very bullish on the stock, designating 0.27 percent of its 13F equity portfolio to HTGM.

With a general bullishness amongst the heavyweights, key money managers have jumped into HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) headfirst. AIGH Investment Partners, managed by Orin Hirschman, assembled the largest position in HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM). AIGH Investment Partners had $1.3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $0.1 million investment in the stock during the quarter.

Let’s also examine hedge fund activity in other stocks similar to HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM). We will take a look at Psychemedics Corp. (NASDAQ:PMD), Summit Wireless Technologies, Inc. (NASDAQ:WISA), Kewaunee Scientific Corporation (NASDAQ:KEQU), Fuwei Films (Holdings) Co., Ltd (NASDAQ:FFHL), Siyata Mobile Inc. (NASDAQ:SYTA), Staffing 360 Solutions, Inc. (NASDAQ:STAF), and Evolving Systems Inc (NASDAQ:EVOL). This group of stocks’ market valuations are similar to HTGM’s market valuation.

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As you can see these stocks had an average of 2.1 hedge funds with bullish positions and the average amount invested in these stocks was $2 million. That figure was $6 million in HTGM’s case. Summit Wireless Technologies, Inc. (NASDAQ:WISA) is the most popular stock in this table. On the other hand Fuwei Films (Holdings) Co., Ltd (NASDAQ:FFHL) is the least popular one with only 1 bullish hedge fund positions. Compared to these stocks HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) is more popular among hedge funds. Our overall hedge fund sentiment score for HTGM is 72. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and still beat the market by 6.1 percentage points. Unfortunately HTGM wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on HTGM were disappointed as the stock returned -7.3% since the end of the first quarter (through 6/18) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.

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Disclosure: None. This article was originally published at Insider Monkey.