We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. At the top of the heap, Porter Collins, Daniel Moses, and Vincent Daniel’s Seawolf Capital said goodbye to the biggest stake of the “upper crust” of funds monitored by Insider Monkey, worth about $5.2 million in stock, and Paul Marshall and Ian Wace’s Marshall Wace LLP was right behind this move, as the fund said goodbye to about $5.2 million worth of shares.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as United Community Banks Inc (NASDAQ:UCBI) but similarly valued. These stocks are Five Prime Therapeutics Inc (NASDAQ:FPRX), Ramco-Gershenson Properties Trust (NYSE:RPT), Dean Foods Co (NYSE:DF), and Evolent Health Inc (NYSE:EVH). This group of stocks’ market caps match UCBI’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 16 hedge funds with bullish positions and the average amount invested in these stocks was $135 million, versus $106 million in UCBI’s case. Five Prime Therapeutics Inc (NASDAQ:FPRX) is the most popular stock in this table. On the other hand Ramco-Gershenson Properties Trust (NYSE:RPT) is the least popular one with only 10 bullish hedge fund positions. United Community Banks Inc (NASDAQ:UCBI) 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 FPRX might be a better candidate to consider taking a long position in.