The market has been volatile as the Federal Reserve winds down its easy money policies. Small cap stocks have been hit hard as a result, as the Russell 2000 ETF (IWM) has underperformed the larger S&P 500 ETF (SPY) by more than 14 percentage points between June 25th and the end of October. SEC filings and hedge fund investor letters indicate that the smart money seems to be paring back their overall long exposure, and the funds’ movements are one of the reasons why the major indexes have retraced. In this article, we analyze what the smart money thinks of Envivio Inc (NASDAQ:ENVI) and find out how it is affected by the hedge funds’ moves.
Is Envivio Inc (NASDAQ:ENVI) ready to rally soon? The smart money is turning bullish. The number of bullish hedge fund bets rose by 2 in recent months. Envivio Inc (NASDAQ:ENVI) was in 7 hedge funds’ portfolios at the end of September. There were 5 hedge funds in our database with Envivio Inc (NASDAQ:ENVI) holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Ampco-Pittsburgh Corp. (NYSE:AP), Rex Energy Corporation (NASDAQ:REXX), and Entegra Financial Corp (NASDAQ:ENFC) to gather more data points.
In the financial world, there are a lot of methods market participants can use to analyze their holdings. Two of the most under-the-radar methods are hedge fund and insider trading interest. Our experts have shown that, historically, those who follow the top picks of the elite hedge fund managers can trounce the market by a healthy amount (see the details here).
Now, let’s take a peek at the latest action surrounding Envivio Inc (NASDAQ:ENVI).
Hedge fund activity in Envivio Inc (NASDAQ:ENVI)
At the end of September, a total of 7 of the hedge funds tracked by Insider Monkey were long this stock, an increase of 40% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a few noteworthy hedge fund managers who were upping their stakes considerably (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Edward Gilhuly and Scott Stuart’s Sageview Capital has the biggest position in Envivio Inc (NASDAQ:ENVI), worth close to $10.9 million, amounting to 4.1% of its total 13F portfolio. Sitting at the No. 2 spot is Paul Tudor Jones of Tudor Investment Corp, with a $3.7 million position; the fund has 0.1% of its 13F portfolio invested in the stock. The remaining members of the smart money with similar optimism consist of J. Carlo Cannell’s Cannell Capital, Paul Glazer’s Glazer Capital, and Renaissance Technologies.