Opus Bank (OPB): Are Hedge Funds Right About This Stock?

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We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. Interestingly, Anton Schutz’s Mendon Capital Advisors dumped the biggest investment of all the hedgies studied by Insider Monkey, comprising an estimated $14.4 million in stock, and Glenn Russell Dubin’s Highbridge Capital Management was right behind this move, as the fund dumped about $0.7 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Opus Bank (NASDAQ:OPB) but similarly valued. These stocks are Amplify Snack Brands Inc (NYSE:BETR), Sykes Enterprises, Incorporated (NASDAQ:SYKE), Loral Space & Communications Ltd. (NASDAQ:LORL), and SPS Commerce, Inc. (NASDAQ:SPSC). This group of stocks’ market caps are closest to OPB’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BETR 5 13193 -5
SYKE 16 62078 -1
LORL 24 682723 1
SPSC 10 63081 -5

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $205 million. That figure was $263 million in OPB’s case. Loral Space & Communications Ltd. (NASDAQ:LORL) is the most popular stock in this table. On the other hand Amplify Snack Brands Inc (NYSE:BETR) is the least popular one with only 5 bullish hedge fund positions. Opus Bank (NASDAQ:OPB) 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 LORL might be a better candidate to consider taking a long position in.

Disclosure: None


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