Now, key money managers were breaking ground themselves. Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, established the most outsized position in Quidel Corporation (NASDAQ:QDEL). Arrowstreet Capital had $0.8 million invested in the company at the end of the quarter.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Quidel Corporation (NASDAQ:QDEL) but similarly valued. We will take a look at INTL Fcstone Inc (NASDAQ:INTL), Oritani Financial Corp. (NASDAQ:ORIT), Instructure Inc (NYSE:INST), and Instructure Inc (NYSE:INST). All of these stocks’ market caps are similar to QDEL’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 10.5 hedge funds with bullish positions and the average amount invested in these stocks was $51 million. That figure was $43 million in QDEL’s case. Oritani Financial Corp. (NASDAQ:ORIT) is the most popular stock in this table. On the other hand Instructure Inc (NYSE:INST) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Quidel Corporation (NASDAQ:QDEL) is even less popular than INST. 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. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.