Is Chart Industries, Inc. (GTLS) Going to Burn These Hedge Funds?

Seeing as Chart Industries, Inc. (NASDAQ:GTLS) has witnessed a declination in interest from the smart money, it’s easy to see that there were a few money managers that decided to sell off their entire stakes in the third quarter. It’s worth mentioning that Ken Grossman and Glen Schneider’s SG Capital Management cut the biggest position of all the hedgies tracked by Insider Monkey, valued at about $8.9 million in stock. Andy Redleaf’s fund, Whitebox Advisors, also cut its stock, about $3.3 million worth. These transactions are interesting, as aggregate hedge fund interest fell by 7 funds in the third quarter.

Let’s check out hedge fund activity in other stocks similar to Chart Industries, Inc. (NASDAQ:GTLS). These stocks are Novadaq Technologies Inc. (NASDAQ:NVDQ), Monster Worldwide, Inc. (NYSE:MWW), Entravision Communication (NYSE:EVC), and National Presto Industries Inc. (NYSE:NPK). This group of stocks’ market caps match GTLS’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $80 million, compared to $49 million in GTLS’s case. Monster Worldwide, Inc. (NYSE:MWW) is the most popular stock in this table. On the other hand Novadaq Technologies Inc. (NASDAQ:NVDQ) is the least popular one with only 9 bullish hedge fund positions. Chart Industries, Inc. (NASDAQ:GTLS) 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 MWW might be a better candidate to consider a long position.