Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions either. This indicates that hedge funds, at the very best, perceive this stock as dead money and haven’t identified any viable catalysts to attract their attention.
Let’s go over hedge fund activity in other stocks similar to Primoris Services Corp (NASDAQ:PRIM). We will take a look at Barnes & Noble, Inc. (NYSE:BKS), Gray Television, Inc. (NYSE:GTN), Q2 Holdings Inc (NYSE:QTWO), and LDR Holding Corp (NASDAQ:LDRH). This group of stocks’ market valuations resemble Primoris Services Corp’s market valuation.
|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 21.25 hedge funds with bullish positions and the average amount invested in these stocks was $142 million. That figure was $24 million in Primoris Services Corp’s case. Gray Television, Inc. (NYSE:GTN) is the most popular stock in this table. On the other hand LDR Holding Corp (NASDAQ:LDRH) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Primoris Services Corp (NASDAQ:PRIM) is even less popular than LDR Holding Corp. Considering that hedge funds aren’t nearly as fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock.