Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as CardConnect Corp (NASDAQ:CCN) but similarly valued. These stocks are Mirati Therapeutics, Inc. (NASDAQ:MRTX), Core Molding Technologies, Inc. (NYSEAMEX:CMT), DHX Media Ltd (USA) (NASDAQ:DHXM), and Corindus Vascular Robotics Inc (NYSEMKT:CVRS). All of these stocks’ market caps are closest to CCN’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 7 hedge funds with bullish positions and the average amount invested in these stocks was $40 million. That figure was $39 million in CCN’s case. Mirati Therapeutics, Inc. (NASDAQ:MRTX) is the most popular stock in this table. On the other hand Corindus Vascular Robotics Inc (NYSEMKT:CVRS) is the least popular one with only 4 bullish hedge fund positions. CardConnect Corp (NASDAQ:CCN) 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 MRTX might be a better candidate to consider taking a long position in.