How Novadaq Technologies Inc. (NVDQ) Stacks Up Against Its Peers

Consequently, specific money managers were leading the bulls’ herd. D E Shaw, one of the biggest hedge funds in the world, initiated the largest position in Novadaq Technologies Inc. (NASDAQ:NVDQ). D E Shaw had $0.7 million invested in the company at the end of the quarter. Adam Usdan’s Trellus Management Company also made a $0.2 million investment in the stock during the quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Novadaq Technologies Inc. (NASDAQ:NVDQ) but similarly valued. We will take a look at Eldorado Resorts Inc (NASDAQ:ERI), Northstar Realty Europe Corp (NYSE:NRE), New York Mortgage Trust, Inc. (NASDAQ:NYMT), and Manitowoc Company, Inc. (NYSE:MTW). All of these stocks’ market caps match NVDQ’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ERI 22 207294 0
NRE 13 152594 -5
NYMT 3 1860 0
MTW 23 169600 -4

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $133 million. That figure was $82 million in NVDQ’s case. Manitowoc Company, Inc. (NYSE:MTW) is the most popular stock in this table. On the other hand New York Mortgage Trust, Inc. (NASDAQ:NYMT) is the least popular one with only 3 bullish hedge fund positions. Novadaq Technologies Inc. (NASDAQ:NVDQ) 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 MTW might be a better candidate to consider taking a long position in.

Disclosure: None