How Iradimed Corp (IRMD) Stacks Up Against Its Peers

Consequently, specific money managers have been driving this bullishness. Renaissance Technologies initiated the largest position in Iradimed Corp (NASDAQ:IRMD). Renaissance Technologies had $0.8 million invested in the company at the end of the quarter. Charles Paquelet’s Skylands Capital also made a $0.3 million investment in the stock during the quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Iradimed Corp (NASDAQ:IRMD) but similarly valued. We will take a look at Athersys, Inc. (NASDAQ:ATHX), Electro Scientific Industries, Inc. (NASDAQ:ESIO), Real Industry Inc (NASDAQ:RELY), and Bankwell Financial Group Inc (NASDAQ:BWFG). This group of stocks’ market values are similar to IRMD’s market value.

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 $14 million. That figure was $5 million in IRMD’s case. Electro Scientific Industries, Inc. (NASDAQ:ESIO) is the most popular stock in this table. On the other hand Athersys, Inc. (NASDAQ:ATHX) is the least popular one with only 4 bullish hedge fund positions. Iradimed Corp (NASDAQ:IRMD) 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 ESIO might be a better candidate to consider taking a long position in.

Disclosure: None