We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those funds think of Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU) based on that data.
Is Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU) a bargain? Investors who are in the know are buying. The number of long hedge fund positions advanced by 2 recently. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Supercom Ltd (NASDAQ:SPCB), Consumer Portfolio Services, Inc. (NASDAQ:CPSS), and Veracyte Inc (NASDAQ:VCYT) to gather more data points.
According to most market participants, hedge funds are perceived as slow, old investment vehicles of the past. While there are greater than 8000 funds in operation at the moment, Our experts look at the bigwigs of this group, about 700 funds. It is estimated that this group of investors administer the majority of the smart money’s total capital, and by shadowing their unrivaled equity investments, Insider Monkey has found numerous investment strategies that have historically outperformed the market. Insider Monkey’s small-cap hedge fund strategy outrun the S&P 500 index by 12 percentage points a year for a decade in their back tests.
Keeping this in mind, we’re going to take a look at the key action surrounding Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU).
Hedge fund activity in Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU)
At Q3’s end, a total of 4 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 100% from the second quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Cannell Capital, managed by J. Carlo Cannell, holds the largest position in Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU). Cannell Capital has an $2.3 million position in the stock, comprising 0.8% of its 13F portfolio. The second largest stake is held by CQS Cayman LP, managed by Michael Hintze, which holds an $1.3 million position; 0.1% of its 13F portfolio is allocated to the company. Remaining members of the smart money with similar optimism encompass Israel Englander’s Millennium Management and Ken Griffin’s Citadel Investment Group.
With a general bullishness amongst the heavyweights, some big names have jumped into Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU) headfirst. Millennium Management initiated the most outsized position in Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU). Millennium Management had $0.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made an $0.1 million investment in the stock during the quarter.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU) but similarly valued. We will take a look at Supercom Ltd (NASDAQ:SPCB), Consumer Portfolio Services, Inc. (NASDAQ:CPSS), Veracyte Inc (NASDAQ:VCYT), and Cadiz Inc (NASDAQ:CDZI). This group of stocks’ market values resemble UUUU’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| SPCB | 8 | 7129 | -3 |
| CPSS | 13 | 21502 | 0 |
| VCYT | 10 | 25609 | 1 |
| CDZI | 6 | 20233 | 0 |
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 $19 million. That figure was $4 million in UUUU’s case. Consumer Portfolio Services, Inc. (NASDAQ:CPSS) is the most popular stock in this table. On the other hand Cadiz Inc (NASDAQ:CDZI) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks, Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU) is even less popular than CDZI. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.
