With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. Weiss Asset Management, managed by Andrew Weiss, assembled the most outsized position in North American Energy Partners Inc.(USA) (NYSE:NOA). Weiss Asset Management had $6.1 million invested in the company at the end of the quarter.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as North American Energy Partners Inc.(USA) (NYSE:NOA) but similarly valued. These stocks are Health Insurance Innovations Inc (NASDAQ:HIIQ), Spark Networks Inc (NYSEMKT:LOV), Digirad Corporation (NASDAQ:DRAD), and Actinium Pharmaceuticals Inc (NYSEMKT:ATNM). All of these stocks’ market caps match NOA’s market cap.
|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 5.5 hedge funds with bullish positions and the average amount invested in these stocks was $10 million. That figure was $20 million in NOA’s case. Spark Networks Inc (NYSEMKT:LOV) is the most popular stock in this table. On the other hand Health Insurance Innovations Inc (NASDAQ:HIIQ) is the least popular one with only 4 bullish hedge fund positions. North American Energy Partners Inc.(USA) (NYSE:NOA) 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 LOV might be a better candidate to consider a long position.