Midway Gold Corp (USA) (NYSEAMEX:MDW) has seen a decrease in enthusiasm from smart money of late.
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Just as important, positive insider trading activity is another way to parse down the marketplace. As the old adage goes: there are plenty of motivations for an executive to get rid of shares of his or her company, but just one, very obvious reason why they would behave bullishly. Plenty of academic studies have demonstrated the impressive potential of this strategy if piggybackers know what to do (learn more here).
With all of this in mind, we’re going to take a glance at the latest action surrounding Midway Gold Corp (USA) (NYSEAMEX:MDW).
Hedge fund activity in Midway Gold Corp (USA) (NYSEAMEX:MDW)
Heading into Q2, a total of 5 of the hedge funds we track held long positions in this stock, a change of -17% from the first quarter. With the smart money’s sentiment swirling, there exists a few notable hedge fund managers who were increasing their holdings substantially.
Since Midway Gold Corp (USA) (NYSEAMEX:MDW) has witnessed a declination in interest from the entirety of the hedge funds we track, it’s safe to say that there is a sect of funds that decided to sell off their full holdings last quarter. It’s worth mentioning that Cliff Asness’s AQR Capital Management sold off the largest position of the “upper crust” of funds we key on, totaling an estimated $0.1 million in stock.. Ken Griffin’s fund, Citadel Investment Group, also dropped its stock, about $0 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest dropped by 1 funds last quarter.
What do corporate executives and insiders think about Midway Gold Corp (USA) (NYSEAMEX:MDW)?
Insider trading activity, especially when it’s bullish, is best served when the company in question has seen transactions within the past half-year. Over the last half-year time period, Midway Gold Corp (USA) (NYSEAMEX:MDW) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Midway Gold Corp (USA) (NYSEAMEX:MDW). These stocks are Richmont Mines Inc. (USA) (NYSEAMEX:RIC), Comstock Mining, Inc. (NYSEAMEX:LODE), Brigus Gold Corp (USA) (NYSEAMEX:BRD), Vista Gold Corp. (NYSEAMEX:VGZ), and International Tower Hill Mines Ltd(USA] (NYSEAMEX:THM). This group of stocks belong to the gold industry and their market caps are similar to MDW’s market cap.
