Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cashed in their entire stakes in the stock during the third quarter. Intriguingly, Michael Johnston’s Steelhead Partners cashed in the biggest investment of all the investors followed by Insider Monkey, totaling close to $0.4 million in stock, and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund sold off about $0.2 million worth of shares.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as TPG Specialty Lending Inc (NYSE:TSLX) but similarly valued. We will take a look at The Spectranetics Corporation (NASDAQ:SPNC), Merit Medical Systems, Inc. (NASDAQ:MMSI), WSFS Financial Corporation (NASDAQ:WSFS), and Universal Electronics Inc (NASDAQ:UEIC). This group of stocks’ market values are closest to TSLX’s market value.
|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 16 hedge funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $16 million in TSLX’s case. The Spectranetics Corporation (NASDAQ:SPNC) is the most popular stock in this table. On the other hand Universal Electronics Inc (NASDAQ:UEIC) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks TPG Specialty Lending Inc (NYSE:TSLX) is even less popular than UEIC. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.