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Is First Majestic Silver Corp (AG) Going to Burn These Hedge Funds?

Since First Majestic Silver Corp (NYSE:AG) has experienced a declining sentiment from the entirety of the hedge funds we track, we can see that there exists a select few money managers who sold off their full holdings by the end of the third quarter. Intriguingly, David Costen Haley’s HBK Investments sold off the largest position of all the hedgies monitored by Insider Monkey, comprising about $0.9 million in stock. Cliff Asness’ fund, AQR Capital Management, also dropped its stock, about $0.3 million worth of shares. These bearish behaviors are intriguing to say the least, as total hedge fund interest fell by 1 fund by the end of the third quarter.

Let’s go over hedge fund activity in other stocks similar to First Majestic Silver Corp (NYSE:AG). We will take a look at Intrawest Resorts Holdings Inc (NYSE:SNOW), Ladenburg Thalmann Financial Services (NYSEMKT:LTS), Student Transportation Inc (NASDAQ:STB), and Celyad SA (ADR) (NASDAQ:CYAD). All of these stocks’ market caps match First Majestic Silver Corp (NYSE:AG)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SNOW 16 260726 -2
LTS 5 1240 -1
STB 6 3116 2
CYAD 4 11183 -2

As you can see, these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $69 million. That figure was $14 million in First Majestic Silver Corp (NYSE:AG)’s case. Intrawest Resorts Holdings Inc (NYSE:SNOW) is the most popular stock in this table. On the other hand, Celyad SA (ADR) (NASDAQ:CYAD) is the least popular one with only 4 bullish hedge fund positions. First Majestic Silver Corp (NYSE:AG) 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, Intrawest Resorts Holdings Inc (NYSE:SNOW) might be a better candidate to consider a long position.

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