How Noodles & Co (NDLS) Stacks Up Against Its Peers

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With general bullishness amongst the heavyweights, specific money managers have been driving this bullishness. Prospector Partners established the most valuable position in Noodles & Co (NASDAQ:NDLS). Renaissance Technologies also initiated a $0.8 million position during the quarter. The other funds with new positions in the stock were Ken Griffin’s Citadel Investment Group and John Overdeck and David Siegel’s Two Sigma Advisors.

Let’s now review hedge fund activity in other stocks similar to Noodles & Co (NASDAQ:NDLS). We will take a look at Navios Maritime Holdings Inc. (NYSE:NM), Eagle Bulk Shipping Inc. (NASDAQ:EGLE), Bio-Path Holdings Inc (NASDAQ:BPTH), and CardConnect Corp (NASDAQ:CCN). This group of stocks’ market caps resemble NDLS’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NM 5 6707 -3
EGLE 4 11694 0
BPTH 1 1841 -2
CCN 8 38777 8

As you can see these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $15 million. That figure was $5 million in NDLS’s case. CardConnect Corp (NASDAQ:CCN) is the most popular stock in this table. On the other hand Bio-Path Holdings Inc (NASDAQ:BPTH) is the least popular one with only 1 bullish hedge fund positions. Noodles & Co (NASDAQ:NDLS) 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 CCN might be a better candidate to consider taking a long position in.

Disclosure: None

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