Is Pennsylvania R.E.I.T. (PEI) A Good Stock To Buy?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually got rid of their positions entirely. Interestingly, Dmitry Balyasny’s Balyasny Asset Management got rid of the largest investment of all the hedgies followed by Insider Monkey, totaling close to $5.3 million in stock. Ken Griffin’s fund, Citadel Investment Group, also sold off its stock, about $4.6 million worth.

Let’s check out hedge fund activity in other stocks similar to Pennsylvania R.E.I.T. (NYSE:PEI). These stocks are WD-40 Company (NASDAQ:WDFC), Portfolio Recovery Associates, Inc. (NASDAQ:PRAA), Eaton Vance Ltd Duration Income Fund (NYSEMKT:EVV), and Amedisys Inc (NASDAQ:AMED). This group of stocks’ market caps resemble PEI’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
WDFC 9 74012 3
PRAA 8 114828 1
EVV 3 4448 -1
AMED 14 81873 -4

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $69 million. That figure was $43 million in PEI’s case. Amedisys Inc (NASDAQ:AMED) is the most popular stock in this table. On the other hand Eaton Vance Ltd Duration Income Fund (NYSEMKT:EVV) is the least popular one with only 3 bullish hedge fund positions. Pennsylvania R.E.I.T. (NYSE:PEI) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AMED might be a better candidate to consider taking a long position in.

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Disclosure: None