Is Novadaq Technologies Inc. (NVDQ) Worth Considering For Your Portfolio?

Seeing as Novadaq Technologies Inc. (NASDAQ:NVDQ) has experienced a declination in interest from the entirety of the hedge funds we track, logic holds that there is a sect of funds that elected to cut their positions entirely last quarter. Intriguingly, Stuart Weisbrod’s Iguana Healthcare Management sold off the biggest position of the “upper crust” of funds tracked by Insider Monkey, valued at about $0.6 million in call options underlying shares. Point72 Asset Management also said goodbye to its call options, about $0.3 million worth, though as mentioned, it still held a bullish long position. These transactions are interesting, as aggregate hedge fund interest dropped by 1 fund last quarter.

Let’s go over hedge fund activity in other stocks similar to Novadaq Technologies Inc. (NASDAQ:NVDQ). We will take a look at Monster Worldwide, Inc. (NYSE:MWW), Entravision Communication (NYSE:EVC), National Presto Industries Inc. (NYSE:NPK), and CalAmp Corp. (NASDAQ:CAMP). All of these stocks’ market caps are closest to NVDQ’s market cap.

As you can see these stocks had an average of 18.75 hedge funds with bullish positions and the average amount invested in these stocks was $76 million. That figure was $47 million in Novadaq Technologies Inc.’s case. Monster Worldwide, Inc. (NYSE:MWW) is the most popular stock in this table. On the other hand National Presto Industries Inc. (NYSE:NPK) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Novadaq Technologies Inc. (NASDAQ:NVDQ) is even less popular than National Presto. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock and sentiment for it doesn’t seem to be going anywhere.