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Is Harmony Merger Corp (HRMN) a Good Stock To Buy?

Let’s now take a look at hedge fund activity in other stocks similar to Harmony Merger Corp (NASDAQ:HRMN). These stocks are Stage Stores Inc (NYSE:SSI), Salem Communications Corp (NASDAQ:SALM), Silvercrest Asset Management Group Inc (NASDAQ:SAMG), and Ruby Tuesday, Inc. (NYSE:RT). All of these stocks’ market caps are closest to HRMN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SSI 5 2413 2
SALM 6 8875 0
SAMG 3 10061 -1
RT 15 22773 -1

As you can see these stocks had an average of seven funds with bullish positions and the average amount invested in these stocks was $11 million. That figure was $32 million in HRMN’s case. Ruby Tuesday, Inc. (NYSE:RT) is the most popular stock in this table. On the other hand Silvercrest Asset Management Group Inc (NASDAQ:SAMG) is the least popular one with only three bullish hedge fund positions. Harmony Merger Corp (NASDAQ:HRMN) 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 RT might be a better candidate to consider taking a long position in.

Disclosure: none