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Sphere 3D Corp. (ANY): Are Hedge Funds Right About This Stock?

As one would reasonably expect, some big names have jumped into Sphere 3D Corp. (NASDAQ:ANY) headfirst. Clinton Group, managed by George Hall, created the most outsized call position in Sphere 3D Corp. (NASDAQ:ANY). Clinton Group had $0.2 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a small position in the stock.

Let’s now review hedge fund activity in other stocks similar to Sphere 3D Corp. (NASDAQ:ANY). These stocks are Patriot Transportation Holding Inc (NASDAQ:PATI), Southern Connecticut Bancorp Inc. (NYSEMKT:SSE), Willbros Group Inc (NYSE:WG), and TCP International Holdings Ltd (NYSE:TCPI). All of these stocks’ market caps resemble ANY’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PATI 4 11813 -1
SSE 12 13003 -4
WG 7 6905 -5
TCPI 6 5354 1

As you can see these stocks had an average of 7.25 hedge funds with bullish positions and the average amount invested in these stocks was $9 million. That figure was $15 million in ANY’s case. Southern Connecticut Bancorp Inc. (NYSEMKT:SSE) is the most popular stock in this table. On the other hand Patriot Transportation Holding Inc (NASDAQ:PATI) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Sphere 3D Corp. (NASDAQ:ANY) is even less popular than PATI. Considering that hedge funds aren’t 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. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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