Is SP Plus Corp (SP) A Good Stock To Buy?

Consequently, key hedge funds have jumped into SP Plus Corp (NASDAQ:SP) headfirst. Third Avenue Management created the biggest position in SP Plus Corp (NASDAQ:SP). Third Avenue Management had $3.1 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $0.3 million position during the quarter. The only other fund with a brand new SP position is Joel Greenblatt’s Gotham Asset Management.

Let’s go over hedge fund activity in other stocks similar to SP Plus Corp (NASDAQ:SP). These stocks are K12 Inc. (NYSE:LRN), Kforce Inc. (NASDAQ:KFRC), Kadant Inc. (NYSE:KAI), and CytomX Therapeutics Inc (NASDAQ:CTMX). This group of stocks’ market values match SP’s market value.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $48 million. That figure was $34 million in SP’s case. K12 Inc. (NYSE:LRN) is the most popular stock in this table. On the other hand CytomX Therapeutics Inc (NASDAQ:CTMX) is the least popular one with only 7 bullish hedge fund positions. SP Plus Corp (NASDAQ:SP) 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 LRN might be a better candidate to consider taking a long position in.

Disclosure: None