Should You Follow the Smart Money Surge into AngioDynamics, Inc. (ANGO)?

As industry-wide interest jumped, key money managers have jumped into AngioDynamics, Inc. (NASDAQ:ANGO) headfirst. Cliff Asness of AQR Capital Management assembled the largest position in AngioDynamics, Inc. (NASDAQ:ANGO). AQR Capital Management had $1.5 million invested in the company at the end of the quarter. Paul Tudor Jones’ Tudor Investment Corp also made a $1 million investment in the stock during the quarter. The other funds with new positions in the stock are Peter Algert and Kevin Coldiron’s Algert Coldiron Investors, Ken Griffin’s Citadel Investment Group, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as AngioDynamics, Inc. (NASDAQ:ANGO) but similarly valued. These stocks are Cerus Corporation (NASDAQ:CERS), Thermon Group Holdings Inc (NYSE:THR), Eastman Kodak Co. (NYSE:KODK), and Winnebago Industries, Inc. (NYSE:WGO). This group of stocks’ market valuations are similar to ANGO’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $92 million. That figure was $139 million in ANGO’s case. Eastman Kodak Co. (NYSE:KODK) is the most popular stock in this table. On the other hand Thermon Group Holdings Inc (NYSE:THR) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks AngioDynamics, Inc. (NASDAQ:ANGO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None