The worries about the election and the ongoing uncertainty about the path of interest-rate increases have been keeping investors on the sidelines. Of course, most hedge funds and other asset managers have been underperforming main stock market indices since the middle of 2015. Interestingly though, smaller-cap stocks registered their best performance relative to the large-capitalization stocks since the end of the June quarter, suggesting that this may be the best time to take a cue from their stock picks. In fact, the Russell 2000 Index gained more than 15% since the beginning of the third quarter, while the Standard and Poor’s 500 benchmark returned less than 6%. This article will lay out and discuss the hedge fund and institutional investor sentiment towards Cogentix Medical Inc (NASDAQ:CGNT).
Hedge fund interest in Cogentix Medical Inc (NASDAQ:CGNT) shares was flat during the third quarter. This is usually a negative indicator. 6 hedge funds that we track owned the stock on September 30, same as on June 30. At the end of this article we will also compare CGNT to other stocks including MoSys Inc. (NASDAQ:MOSY), CAS Medical Systems Inc (NASDAQ:CASM), and Support.com, Inc. (NASDAQ:SPRT) to get a better sense of its popularity.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
What does the smart money think about Cogentix Medical Inc (NASDAQ:CGNT)?
At the end of the third quarter, a total of 6 of the hedge funds tracked by Insider Monkey held long positions in this stock, unchanged from the second quarter of 2016. On the other hand, there were a total of 8 hedge funds with a bullish position in CGNT at the beginning of this year, so hedge fund ownership is down by 25% in 2016. So, let’s review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Wilmot B. Harkey and Daniel Mack of Nantahala Capital Management holds the most valuable position in Cogentix Medical Inc (NASDAQ:CGNT). Nantahala Capital Management has a $6.1 million position in the stock. Coming in second is Samuel Isaly’s OrbiMed Advisors which holds a $1.6 million position. Remaining peers that are bullish contain Renaissance Technologies, one of the largest hedge funds in the world, Nathan Fischel’s DAFNA Capital Management, and Joseph Edelman’s Perceptive Advisors. We should note that Nantahala Capital Management is among our list of the 100 best performing hedge funds, which is based on the performance of their 13F long positions in non-micro-cap stocks.