HP Inc. (HPQ)’s Stock Trending Following Mixed Earnings

Howard Guberman’s Gruss Asset Management said goodbye to the biggest position of the 700 funds followed by Insider Monkey, totaling close to $24.9 million in stock. David E. Shaw’s fund, D. E. Shaw, also dropped its stock, about $21.2 million worth. These bearish behaviors are interesting, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as HP Inc. (NYSE:HPQ) but similarly valued. These stocks are Xcel Energy Inc (NYSE:XEL), Zimmer Biomet Holdings Inc (NYSE:ZBH), Ventas, Inc. (NYSE:VTR), and Telefonica Brasil SA (ADR) (NYSE:VIV). This group of stocks’ market caps resemble HPQ’s market cap.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $545 million. That figure was $867 million in HPQ’s case. Zimmer Biomet Holdings Inc (NYSE:ZBH) is the most popular stock in this table. On the other hand, Xcel Energy Inc (NYSE:XEL) is the least popular one with only 11 bullish hedge fund positions. HP Inc. (NYSE:HPQ) 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 ZBH might be a better candidate to consider a long position.

Disclosure: None