Let’s also examine hedge fund activity in other stocks similar to Sunrun Inc (NASDAQ:RUN). These stocks are Schweitzer-Mauduit International, Inc. (NYSE:SWM), AAON, Inc. (NASDAQ:AAON), Navistar International Corp (NYSE:NAV), and Sonic Automotive Inc (NYSE:SAH). This group of stocks’ market valuations are closest to RUN’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 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $194 million. That figure was $159 million in RUN’s case. Navistar International Corp (NYSE:NAV) is the most popular stock in this table. On the other hand AAON, Inc. (NASDAQ:AAON) is the least popular one with only 8 bullish hedge fund positions. Sunrun Inc (NASDAQ:RUN) 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 NAV might be a better candidate to consider a long position.