On the other hand, there lies a certain “tier” of fund managers that slashed their positions in Javelin Mortgage Investment Corp (NYSE:JMI) entirely in the third quarter. Interestingly, Israel Englander’s Millennium Management dropped the largest investment of the “upper crust” of funds tracked by Insider Monkey, worth close to $0.1 million in call options.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Javelin Mortgage Investment Corp (NYSE:JMI) but similarly valued. These stocks are MeetMe Inc (NASDAQ:MEET), Hansen Medical, Inc. (NASDAQ:HNSN), Perceptron, Inc. (NASDAQ:PRCP), and Northern Technologies International Corp (NASDAQ:NTIC). All of these stocks’ market caps match JMI’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 5 hedge funds with bullish positions and the average amount invested in these stocks was $14 million. That figure was just $4 million in JMI’s case. Perceptron, Inc. (NASDAQ:PRCP) is the most popular stock in this table, while MeetMe Inc (NASDAQ:MEET) is the least popular one with only 4 bullish hedge fund positions. Javelin Mortgage Investment Corp (NYSE:JMI) 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 PRCP might be a better candidate to consider a long position.