Is Sothebys (BID) A Good Stock To Buy Now?

Now, some big names were leading the bulls’ herd. Citadel Investment Group, led by Ken Griffin, established the most valuable call position in Sothebys (NYSE:BID). Citadel Investment Group had $5.7 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $3.5 million investment in the stock during the quarter. The following funds were also among the new BID investors: Neil Chriss’ Hutchin Hill Capital, Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital, and Matthew Tewksbury’s Stevens Capital Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Sothebys (NYSE:BID) but similarly valued. These stocks are Shutterstock Inc (NYSE:SSTK), American States Water Co (NYSE:AWR), bluebird bio Inc (NASDAQ:BLUE), and Seadrill Ltd (NYSE:SDRL). All of these stocks’ market caps are similar to BID’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $99 million. That figure was $559 million in BID’s case. bluebird bio Inc (NASDAQ:BLUE) is the most popular stock in this table. On the other hand American States Water Co (NYSE:AWR) is the least popular one with only 8 bullish hedge fund positions. Sothebys (NYSE:BID) 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 BLUE might be a better candidate to consider taking a long position in.

Disclosure: None