Smart Money Continues to Abandon Amedisys Inc (AMED)

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Seeing as Amedisys Inc (NASDAQ:AMED) has faced a decline in interest from the smart money, it’s easy to see that there lies a certain “tier” of hedgies that slashed their full holdings by the end of the third quarter. Interestingly, Israel Englander’s Millennium Management sold off the biggest stake of all the investors monitored by Insider Monkey, totaling an estimated $4.6 million in stock, and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund dropped about $1.1 million worth of shares.

Let’s also examine hedge fund activity in other stocks similar to Amedisys Inc (NASDAQ:AMED). These stocks are Chemtura Corp (NYSE:CHMT), FTI Consulting, Inc. (NYSE:FCN), Oasis Petroleum Inc. (NYSE:OAS), and Main Street Capital Corporation (NYSE:MAIN). This group of stocks’ market valuations match AMED’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CHMT 24 380101 2
FCN 14 52887 -4
OAS 33 638807 0
MAIN 8 14735 2

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $272 million. That figure was $82 million in AMED’s case. Oasis Petroleum Inc. (NYSE:OAS) is the most popular stock in this table. On the other hand Main Street Capital Corporation (NYSE:MAIN) is the least popular one with only 8 bullish hedge fund positions. Amedisys Inc (NASDAQ:AMED) 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 OAS might be a better candidate to consider taking a long position in.

Disclosure: None

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