In addition, there were a few funds who sold off their entire stakes in the third quarter. Intriguingly, Carson Yost’s Yost Capital Management said goodbye to the largest position of the 700 funds monitored by Insider Monkey, totaling an estimated $6.8 million in stock. Joe Huber’s fund, Huber Capital Management, also said goodbye to its stock, about $3.8 million worth. These moves are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s now review hedge fund activity in other stocks similar to Titan Machinery Inc. (NASDAQ:TITN). We will take a look at Catalyst Pharmaceutical Partners, Inc. (NASDAQ:CPRX), Superior Uniform Group Inc (NASDAQ:SGC), Electrum Special Acquisition Corp (NASDAQ:ELECU), and Sigma Designs Inc (NASDAQ:SIGM). This group of stocks’ market values match TITN’s market value.
|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 15 hedge funds with bullish positions and the average amount invested in these stocks was $59 million. That figure was just $17 million in TITN’s case. Sigma Designs Inc (NASDAQ:SIGM) is the most popular stock in this table, while Superior Uniform Group Inc (NASDAQ:SGC) is the least popular one with only 6 bullish hedge fund positions. Titan Machinery Inc. (NASDAQ:TITN) 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 SIGM might be a better candidate to consider a long position.