Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Here Is What Hedge Funds Think About SolarCity Corp (SCTY)

Since SolarCity Corp (NASDAQ:SCTY) has witnessed a declination in interest from the aggregate hedge fund industry, it’s easy to see that there were a few funds that decided to sell off their positions entirely heading into Q4. It’s worth mentioning that Jeffrey Tannenbaum’s Fir Tree dropped the biggest stake of all the hedgies followed by Insider Monkey, comprising about $99.5 million in stock, and Robert Pitts’ Steadfast Capital Management was right behind this move, as the fund dropped about $61.6 million worth. These transactions are important to note, as aggregate hedge fund interest dropped by 5 funds heading into Q4.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as SolarCity Corp (NASDAQ:SCTY) but similarly valued. We will take a look at GoPro Inc (NASDAQ:GPRO), Aecom (NYSE:ACM), AptarGroup, Inc. (NYSE:ATR), and Alere Inc (NYSE:ALR). This group of stocks’ market values are closest to SCTY’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GPRO 25 240454 4
ACM 22 448379 -5
ATR 18 101128 3
ALR 39 1344275 3

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $534 million. That figure was $872 million in SCTY’s case. Alere Inc (NYSE:ALR) is the most popular stock in this table. On the other hand AptarGroup, Inc. (NYSE:ATR) is the least popular one with only 18 bullish hedge fund positions. SolarCity Corp (NASDAQ:SCTY) 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 ALR might be a better candidate to consider a long position.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...