At the end of the first quarter, a total of five of the hedge funds held long positions in Turtle Beach Corp (NASDAQ:HEAR), a drop of 29% from the end of the fourth quarter. In addition to this, there was also a drop of 57% in aggregate capital investment by hedge funds in the stock during the quarter. However, the stock had lost 40% of its value in the first quarter, contributing to much of that capital loss. Invicta Capital Management led by Gregory Weaver holds the largest position in Turtle Beach Corp in our database, of 1.03 million shares valued at $1.9 million at the end of first quarter. There have been no insider sales or purchase of this stock so far this year.
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Green Dot Corporation (NYSE:GDOT)’s stock spiked by more than 30% on Tuesday, which was attributed to a couple of reasons. Firstly, a renewed 5-year agreement with Wal-Mart Stores, Inc. (NYSE:WMT) for distributing its suite of prepaid cards, and secondly, the company announced a repurchase plan of $150 million for its shareholders. Green Dot Corporation (NYSE:GDOT)’s stock dropped around 6% from its high on Tuesday and ended the week at $19.95 per share, up by 30.82%. Shares have blown past analysts’ mean price target for the stock of $20.37 per share.
Hedge fund managers were turning less bullish on this stock during the first quarter. The number of long hedge fund bets retreated by six, as 19 hedge funds held long positions in the stock at the end of the first quarter. There were 25 hedge funds with GDOT holdings at the end of the previous quarter. Aggregate capital investment by hedge funds also plunged by 50% by the end of the first quarter, with the stock having dropped 22% of its value in the first quarter. This indicates that hedge fund managers were rather bearish on this stock. Joseph Jolson‘s Harvest Capital Strategies held the largest position in the stock with 2.2 million shares valued at $35.3 million at the end of first quarter. But insiders showed some positive signs on the stock leading up to the burst as Chairman and CEO Steven Streit purchased around 206,800 shares of the company in February. There was also an insider who sold shares, as COO Kuan Archer sold around 9,500 shares of the company in January. Hedge funds were bearish on the stock, but insider activity indicated bullish behavior.
Overall, hedge funds were not very bullish on Digimarc Corp (NASDAQ:DMRC), Turtle Beach Corp (NASDAQ:HEAR), or Green Dot Corporation (NYSE:GDOT), and the surge that these stocks experienced in the last week appears to have caught most of them off-guard.
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