Navigators Group Inc (NAVG): Are Hedge Funds Right About This Stock?

As one would reasonably expect, key hedge funds were breaking ground themselves. Pentwater Capital Management assembled the biggest position in Navigators Group Inc (NASDAQ:NAVG). Pentwater Capital Management had $9.8 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also made a $0.6 million investment in the stock during the quarter. The following funds were also among the new NAVG investors: George Hall’s Clinton Group and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Let’s go over hedge fund activity in other stocks similar to Navigators Group Inc (NASDAQ:NAVG). We will take a look at WisdomTree Investments, Inc. (NASDAQ:WETF), Genesco Inc. (NYSE:GCO), USANA Health Sciences, Inc. (NYSE:USNA), and Portola Pharmaceuticals Inc (NASDAQ:PTLA). All of these stocks’ market caps match NAVG’s market cap.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $116 million. That figure was $126 million in NAVG’s case. Portola Pharmaceuticals Inc (NASDAQ:PTLA) is the most popular stock in this table. On the other hand WisdomTree Investments, Inc. (NASDAQ:WETF) is the least popular one with only 9 bullish hedge fund positions. Navigators Group Inc (NASDAQ:NAVG) 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 PTLA might be a better candidate to consider taking a long position in.

Disclosure: None