Because Fox Factory Holding Corp (NASDAQ:FOXF) has experienced a declining sentiment from hedge fund managers, it’s easy to see that there was a specific group of hedge funds that decided to sell off their positions entirely in the third quarter. Intriguingly, Israel Englander’s Millennium Management said goodbye to the largest investment of the 700 funds monitored by Insider Monkey, previously valued at about $0.6 million in stock. John Overdeck and David Siegel’s fund, Two Sigma Advisors, also sold off its stock, about $0.4 million worth. These transactions are intriguing to say the least, as total hedge fund interest was cut by 5 funds in the third quarter.
Let’s check out hedge fund activity in other stocks similar to Fox Factory Holding Corp (NASDAQ:FOXF). These stocks are Community Trust Bancorp, Inc. (NASDAQ:CTBI), Hemisphere Media Group Inc (NASDAQ:HMTV), Albany Molecular Research, Inc. (NASDAQ:AMRI), and TTM Technologies, Inc. (NASDAQ:TTMI). This group of stocks’ market caps match FOXF’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 12 hedge funds with bullish positions and the average amount invested in these stocks was $76 million. That figure was $12 million in FOXF’s case. TTM Technologies, Inc. (NASDAQ:TTMI) is the most popular stock in this table. On the other hand Community Trust Bancorp, Inc. (NASDAQ:CTBI) is the least popular one with only 4 bullish hedge fund positions. Fox Factory Holding Corp (NASDAQ:FOXF) 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 TTMI might be a better candidate to consider a long position.