Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. At the top of the heap, Israel Englander’s Millennium Management cut the largest investment of the “upper crust” of funds monitored by Insider Monkey, worth about $2 million in stock, and Jim Simons’ Renaissance Technologies was right behind this move, as the fund cut about $0.9 million worth of shares.
Let’s also examine hedge fund activity in other stocks similar to Perficient, Inc. (NASDAQ:PRFT). These stocks are Investors Real Estate Trust (NYSE:IRET), Leju Holdings Ltd (ADR) (NYSE:LEJU), Vanda Pharmaceuticals Inc. (NASDAQ:VNDA), and Douglas Dynamics Inc (NYSE:PLOW). This group of stocks’ market valuations resemble PRFT’s market valuation.
|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 12 hedge funds with bullish positions and the average amount invested in these stocks was $89 million. That figure was $8 million in PRFT’s case. Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is the most popular stock in this table. On the other hand Leju Holdings Ltd (ADR) (NYSE:LEJU) is the least popular one with only 4 bullish hedge fund positions. Perficient, Inc. (NASDAQ:PRFT) 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 VNDA might be a better candidate to consider taking a long position in.