We view hedge fund activity in the stock unfavorable, but in this case there was only a single hedge fund selling its entire position: Citadel Investment Group. One hedge fund selling its entire position doesn’t always imply a bearish intent. Theoretically a hedge fund may decide to sell a promising position in order to invest the proceeds in a more promising idea. However, we don’t think this is the case in this case, because only one of the 700+ hedge funds tracked by Insider Monkey identified as a viable investment and initiated a position in the stock (that fund was Birchview Capital).
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Oxford Immunotec Global PLC (NASDAQ:OXFD) but similarly valued. We will take a look at Triumph Bancorp Inc (NASDAQ:TBK), Bassett Furniture Industries Inc. (NASDAQ:BSET), Trecora Resources (NYSE:TREC), and AV Homes Inc (NASDAQ:AVHI). This group of stocks’ market values are similar to OXFD’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 9 hedge funds with bullish positions and the average amount invested in these stocks was $32 million. That figure was $63 million in OXFD’s case. Bassett Furniture Industries Inc. (NASDAQ:BSET) is the most popular stock in this table. On the other hand Trecora Resources (NYSE:TREC) is the least popular one with only 7 bullish hedge fund positions. Oxford Immunotec Global PLC (NASDAQ:OXFD) registers an average level of interest from the funds we track, when compared to some of its market cap peers. This may be a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BSET might be a better candidate to consider a long position.