Is HENNESSY CAPITAL ACQUISITION CORP II (HCAC) a Good Stock to Buy?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. It’s worth mentioning that Jacob Gottlieb’s Visium Asset Management dumped the largest investment of the 700 funds followed by Insider Monkey, totaling close to $2.3 million in stock, and Gordy Holterman and Derek Dunn’s Overland Advisors was right behind this move, as the fund dropped about $2.1 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as HENNESSY CAPITAL ACQUISITION CORP II (NASDAQ:HCAC) but similarly valued. These stocks are Ameresco Inc (NYSE:AMRC), Old Second Bancorp Inc. (NASDAQ:OSBC), The Bancorp, Inc. (NASDAQ:TBBK), and Telenav Inc (NASDAQ:TNAV). This group of stocks’ market values match HCAC’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
AMRC 7 8289 0
OSBC 4 19998 -1
TBBK 11 64028 0
TNAV 9 52911 -1

As you can see these stocks had an average of eight funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $46 million in HCAC’s case. The Bancorp, Inc. (NASDAQ:TBBK) is the most popular stock in this table, while Old Second Bancorp Inc. (NASDAQ:OSBC) is the least popular one with only four bullish hedge fund positions. Compared to these stocks HENNESSY CAPITAL ACQUISITION CORP II (NASDAQ:HCAC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none