With general bullishness amongst the heavyweights, specific money managers were leading the bulls’ herd. Algert Coldiron Investors established the largest new position in KCAP Financial Inc (NASDAQ:KCAP). Algert Coldiron Investors had $0.3 million invested in the company at the end of the quarter. Millennium Management also made a $0.1 million investment in the stock during the quarter. The only other fund with a new position in the stock was Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s also examine hedge fund activity in other stocks similar to KCAP Financial Inc (NASDAQ:KCAP). These stocks are Osiris Therapeutics, Inc. (NASDAQ:OSIR), Gencor Industries, Inc. (DE) (NASDAQ:GENC), Adverum Biotechnologies Inc (NASDAQ:ADVM), and Ocular Therapeutix Inc (NASDAQ:OCUL). All of these stocks’ market caps are similar to KCAP’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 7 hedge funds with bullish positions and the average amount invested in these stocks was $8 million. That figure was $5 million in KCAP’s case. Adverum Biotechnologies Inc (NASDAQ:ADVM) is the most popular stock in this table. On the other hand Gencor Industries, Inc. (DE) (NASDAQ:GENC) is the least popular one with only 4 bullish hedge fund positions. KCAP Financial Inc (NASDAQ:KCAP) 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 ADVM might be a better candidate to consider taking a long position in.