Seeing as Endeavour Silver Corp. (CAN) (NYSE:EXK) has faced bearish sentiment from the smart money, it’s easy to see that there was a specific group of fund managers that elected to cut their entire stakes heading into Q4. At the top of the heap, Matthew Hulsizer’s PEAK6 Capital Management dumped the biggest stake of all the hedgies watched by Insider Monkey. Ben Levine, Andrew Manuel and Stefan Renold’s fund, LMR Partners, also said goodbye to its stock. These moves are intriguing to say the least, as total hedge fund interest was cut by 3 funds heading into Q4.
Let’s now take a look at hedge fund activity in other stocks similar to Endeavour Silver Corp. (CAN) (NYSE:EXK). These stocks are Cytosorbents Corp (NASDAQ:CTSO), CytRx Corporation (NASDAQ:CYTR), Skullcandy Inc (NASDAQ:SKUL), and GulfMark Offshore, Inc. (NYSE:GLF). This group of stocks’ market caps are closest to EXK’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 8.25 hedge funds with bullish positions and the average amount invested in these stocks was $18 million.That figure was $4 millions in EXK’s case. Skullcandy Inc (NASDAQ:SKUL) is the most popular stock in this table. On the other hand Cytosorbents Corp (NASDAQ:CTSO) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Endeavour Silver Corp. (CAN) (NYSE:EXK) is even less popular than CTSO. Considering that hedge funds aren’t fond of this stock, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.