As industrywide interest jumped, key hedge funds have jumped into FTD Companies Inc (NASDAQ:FTD) headfirst. Gotham Asset Management, led by Joel Greenblatt, assembled the largest position in FTD Companies Inc (NASDAQ:FTD). Gotham Asset Management had $0.5 million invested in the company at the end of the quarter. Joshua Packwood and Schuster Tanger’s Radix Partners also initiated a $0.4 million position during the quarter. The other funds with brand new FTD positions are Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and Alec Litowitz and Ross Laser’s Magnetar Capital.
Let’s also examine hedge fund activity in other stocks similar to FTD Companies Inc (NASDAQ:FTD). These stocks are Sodastream International Ltd (NASDAQ:SODA), Schnitzer Steel Industries, Inc. (NASDAQ:SCHN), AEP Industries (NASDAQ:AEPI), and Connecticut Water Service, Inc. (NASDAQ:CTWS). This group of stocks’ market caps match FTD’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 12 hedge funds with bullish positions and the average amount invested in these stocks was $79 million, compared to $51 million in FTD’s case. Sodastream International Ltd (NASDAQ:SODA) is the most popular stock in this table, while Connecticut Water Service, Inc. (NASDAQ:CTWS) is the least popular one with only six bullish hedge fund positions. FTD Companies Inc (NASDAQ:FTD) 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 Sodastream International Ltd (NASDAQ:SODA) might be a better candidate to consider taking a long position in.