With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. Paul Marshall and Ian Wace’s Marshall Wace LLP initiated a $2.6 million position during the quarter. The other funds with brand new NuVasive, Inc. (NASDAQ:NUVA) positions are Chao Ku’s Nine Chapters Capital Management, Hal Mintz’s Sabby Capital, and Justin John Ferayorni’s Tamarack Capital Management.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as NuVasive, Inc. (NASDAQ:NUVA) but similarly valued. We will take a look at HRG Group Inc (NYSE:HRG), Laclede Group Inc (NYSE:LG), Cantel Medical Corp. (NYSE:CMN), and Churchill Downs, Inc. (NASDAQ:CHDN). This group of stocks’ market values resembles NuVasive, Inc. (NASDAQ:NUVA)’s market value.
|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 17 hedge funds with bullish positions and the average amount invested in these stocks was $663 million. That figure was $622 million in NuVasive, Inc. (NASDAQ:NUVA)’s case. HRG Group Inc (NYSE:HRG) is the most popular stock in this table. On the other hand, Cantel Medical Corp. (NYSE:CMN) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks, NuVasive, Inc. (NASDAQ:NUVA) 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.