Is Atlantic Power Corp (AT) A Good Stock To Buy?

Now, key money managers were breaking ground themselves. Jim Simons’ Renaissance Technologies created the most outsized position in Atlantic Power Corp (NYSE:AT). Renaissance Technologies had $0.1 million invested in the company at the end of the quarter. Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital also initiated a small position during the quarter. The other fund with a new position in the stock is Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Atlantic Power Corp (NYSE:AT) but similarly valued. These stocks are Farmers National Banc Corp (NASDAQ:FMNB), The Chefs Warehouse, Inc (NASDAQ:CHEF), Panhandle Oil and Gas Inc. (NYSE:PHX), and Magnachip Semiconductor Corp (NYSE:MX). This group of stocks’ market values match AT’s market value.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $55 million. That figure was $44 million in AT’s case. Magnachip Semiconductor Corp (NYSE:MX) is the most popular stock in this table. On the other hand Panhandle Oil and Gas Inc. (NYSE:PHX) is the least popular one with only 4 bullish hedge fund positions. Atlantic Power Corp (NYSE:AT) 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 MX might be a better candidate to consider taking a long position in.

Disclosure: None