As aggregate interest increased, specific money managers have been driving this bullishness. Driehaus Capital created the most valuable position in Horizon Global Corp (NYSE:HZN). Driehaus Capital had $5.2 million invested in the company at the end of the quarter. Ira Unschuld’s Brant Point Investment Management also made a $2.8 million investment in the stock during the quarter. The following funds were also among the new HZN investors: Matthew Hulsizer’s PEAK6 Capital Management, Mike Vranos’ Ellington, and Neil Chriss’ Hutchin Hill Capital.
Let’s check out hedge fund activity in other stocks similar to Horizon Global Corp (NYSE:HZN). These stocks are Farmers Capital Bank Corp (NASDAQ:FFKT), MCBC Holdings Inc (NASDAQ:MCFT), Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), and Zix Corporation (NASDAQ:ZIXI). This group of stocks’ market valuations are closest to HZN’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| FFKT | 3 | 33480 | 0 |
| MCFT | 15 | 99927 | 3 |
| RIGL | 20 | 76901 | 1 |
| ZIXI | 14 | 26814 | 1 |
As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $59 million. That figure was $73 million in HZN’s case. Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is the most popular stock in this table. On the other hand Farmers Capital Bank Corp (NASDAQ:FFKT) is the least popular one with only 3 bullish hedge fund positions. Horizon Global Corp (NYSE:HZN) is not the most popular stock in this group but hedge fund interest is still above average. This is a positive signal, as we’d rather spend our time researching stocks that hedge funds are piling on lately. In this regard HZN might be a better candidate than the other stocks to consider taking up a long position in.
Disclosure: None
