What Do Hedge Funds Think of FinTech Acquisition Corp. (FNTCU)?

As one would reasonably expect, specific money managers were leading the bulls’ herd. Bulldog Investors, managed by Phillip Goldstein, Andrew Dakos and Steven Samuels, created the biggest position in FinTech Acquisition Corp. (NASDAQ:FNTCU). Bulldog Investors had $1.6 million invested in the company at the end of the quarter.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as FinTech Acquisition Corp. (NASDAQ:FNTCU) but similarly valued. These stocks are Kindred Biosciences Inc (NASDAQ:KIN), Turtle Beach Corp (NASDAQ:HEAR), AxoGen, Inc. (NASDAQ:AXGN), and Intevac, Inc. (NASDAQ:IVAC). This group of stocks’ market caps are closest to FNTCU’s market cap.

As you can see these stocks had an average of 6.75 hedge funds with bullish positions and the average amount invested in these stocks was $27 million. That figure was $30 million in FNTCU’s case. Kindred Biosciences Inc (NASDAQ:KIN) is the most popular stock in this table. On the other hand Turtle Beach Corp (NASDAQ:HEAR) is the least popular one with only 4 bullish hedge fund positions. FinTech Acquisition Corp. (NASDAQ:FNTCU) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard KIN might be a better candidate to consider a long position.