Because Par Pacific Holdings, Inc. (NYSEMKT:PARR) has witnessed a declination in interest from the entirety of the hedge funds we track, we can see that there is a sect of hedgies that slashed their positions entirely last quarter. It’s worth mentioning that Shawn Bergerson and Martin Kalish’s Waterstone Capital Management cut the largest investment of all the hedgies followed by Insider Monkey, totaling close to $5.6 million in stock. Matthew Drapkin and Steven R. Becker’s fund, Becker Drapkin Management, also cut its stock, about $1 million worth. These transactions are important to note, as aggregate hedge fund interest dropped by 1 funds last quarter.
Let’s also examine hedge fund activity in other stocks similar to Par Pacific Holdings, Inc. (NYSEMKT:PARR). We will take a look at American Railcar Industries, Inc. (NASDAQ:ARII), NutriSystem Inc. (NASDAQ:NTRI), Central Garden & Pet Co (NASDAQ:CENT), and Astec Industries, Inc. (NASDAQ:ASTE). This group of stocks’ market valuations are similar to PARR’s market valuation.
|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 16.25 hedge funds with bullish positions and the average amount invested in these stocks was $196 million. That figure was $220 million in PARR’s case. NutriSystem Inc. (NASDAQ:NTRI) is the most popular stock in this table. On the other hand American Railcar Industries, Inc. (NASDAQ:ARII) is the least popular one with only 6 bullish hedge fund positions. Par Pacific Holdings, Inc. (NYSEMKT:PARR) 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 NTRI might be a better candidate to consider a long position.