How Corenergy Infrastructure Trust Inc (CORR) Stacks Up Against Its Peers

As aggregate interest increased, key hedge funds were leading the bulls’ herd. Renaissance Technologies initiated the most valuable position in Corenergy Infrastructure Trust Inc (NYSE:CORR). Renaissance Technologies had $2.9 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $2.1 million investment in the stock during the quarter. The other funds with new positions in the stock are Peter Algert and Kevin Coldiron’s Algert Coldiron Investors and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Let’s also examine hedge fund activity in other stocks similar to Corenergy Infrastructure Trust Inc (NYSE:CORR). We will take a look at Digimarc Corp (NASDAQ:DMRC), Protagonist Therapeutics Inc (NASDAQ:PTGX), Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), and MidWestOne Financial Group, Inc. (NASDAQ:MOFG). All of these stocks’ market caps are closest to CORR’s market cap.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $53 million. That figure was $39 million in CORR’s case. Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is the most popular stock in this table. On the other hand MidWestOne Financial Group, Inc. (NASDAQ:MOFG) is the least popular one with only 3 bullish hedge fund positions. Corenergy Infrastructure Trust Inc (NYSE:CORR) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RIGL might be a better candidate to consider taking a long position in.

Disclosure: None