With a general bullishness amongst the heavyweights, some big names were breaking ground themselves. Diker Management, led by Mark N. Diker, initiated the most valuable position in 2U Inc (NASDAQ:TWOU). Diker Management had $1.9 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $0.8 million investment in the stock during the quarter. The following funds were also among the new TWOU investors: John Overdeck and David Siegel’s Two Sigma Advisors and Frank Slattery’s Symmetry Peak Management.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as 2U Inc (NASDAQ:TWOU) but similarly valued. These stocks are Fidelity & Guaranty Life (NYSE:FGL), Amkor Technology, Inc. (NASDAQ:AMKR), La-Z-Boy Incorporated (NYSE:LZB), and Renasant Corp. (NASDAQ:RNST). All of these stocks’ market caps are closest to TWOU’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| FGL | 12 | 107192 | 0 |
| AMKR | 20 | 123399 | 4 |
| LZB | 18 | 64304 | -1 |
| RNST | 9 | 38642 | -2 |
As you can see these stocks had an average of 14.75 hedge funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $71 million in TWOU’s case. Amkor Technology, Inc. (NASDAQ:AMKR) is the most popular stock in this table. On the other hand Renasant Corp. (NASDAQ:RNST) is the least popular one with only 9 bullish hedge fund positions. 2U Inc (NASDAQ:TWOU) 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 AMKR might be a better candidate to consider taking a long position in.
