The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31st. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards AIM ImmunoTech Inc. (NYSE:AIM).
Is AIM a good stock to buy? Money managers were becoming more confident. The number of bullish hedge fund bets increased by 4 in recent months. AIM ImmunoTech Inc. (NYSE:AIM) was in 4 hedge funds’ portfolios at the end of March. The all time high for this statistic was previously 2. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that AIM isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).
At the moment there are several gauges stock market investors have at their disposal to assess publicly traded companies. A couple of the less utilized gauges are hedge fund and insider trading sentiment. Our experts have shown that, historically, those who follow the best picks of the top hedge fund managers can outclass the S&P 500 by a solid amount (see the details here). Also, our monthly newsletter’s portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .
Ryan Tolkin, CIO of Schonfeld Strategic Advisors
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, an activist hedge fund wants to buy this $27 biotech stock for $50. So, we recommended a long position to our monthly premium newsletter subscribers. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind we’re going to take a gander at the latest hedge fund action regarding AIM ImmunoTech Inc. (NYSE:AIM).
Do Hedge Funds Think AIM Is A Good Stock To Buy Now?
At first quarter’s end, a total of 4 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 4 from the fourth quarter of 2020. By comparison, 2 hedge funds held shares or bullish call options in AIM a year ago. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Of the funds tracked by Insider Monkey, Renaissance Technologies, holds the largest position in AIM ImmunoTech Inc. (NYSE:AIM). Renaissance Technologies has a $1.1 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Sitting at the No. 2 spot is Citadel Investment Group, managed by Ken Griffin, which holds a $0.2 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Other professional money managers that hold long positions comprise Ryan Tolkin (CIO)’s Schonfeld Strategic Advisors, Greg Eisner’s Engineers Gate Manager and . In terms of the portfolio weights assigned to each position Engineers Gate Manager allocated the biggest weight to AIM ImmunoTech Inc. (NYSE:AIM), around 0.002% of its 13F portfolio. Renaissance Technologies is also relatively very bullish on the stock, designating 0.0014 percent of its 13F equity portfolio to AIM.
Now, key money managers were leading the bulls’ herd. Renaissance Technologies, established the most valuable position in AIM ImmunoTech Inc. (NYSE:AIM). Renaissance Technologies had $1.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.2 million position during the quarter. The following funds were also among the new AIM investors: Ryan Tolkin (CIO)’s Schonfeld Strategic Advisors and Greg Eisner’s Engineers Gate Manager.
Let’s now review hedge fund activity in other stocks similar to AIM ImmunoTech Inc. (NYSE:AIM). We will take a look at Affinity Bancshares, Inc. (NASDAQ:AFBI), voxeljet AG (NYSE:VJET), Fury Gold Mines Limited (NYSE:FURY), Kingstone Companies Inc (NASDAQ:KINS), Digital Power Corporation (NYSE:DPW), Electromed, Inc. (NYSE:ELMD), and FAT Brands Inc. (NASDAQ:FAT). This group of stocks’ market valuations resemble AIM’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| AFBI | 1 | 1584 | 1 |
| VJET | 1 | 378 | 1 |
| FURY | 3 | 1220 | -1 |
| KINS | 1 | 4109 | 0 |
| DPW | 3 | 1915 | 2 |
| ELMD | 5 | 3720 | -1 |
| FAT | 4 | 6123 | 1 |
| Average | 2.6 | 2721 | 0.4 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 2.6 hedge funds with bullish positions and the average amount invested in these stocks was $3 million. That figure was $1 million in AIM’s case. Electromed, Inc. (NYSE:ELMD) is the most popular stock in this table. On the other hand Affinity Bancshares, Inc. (NASDAQ:AFBI) is the least popular one with only 1 bullish hedge fund positions. AIM ImmunoTech Inc. (NYSE:AIM) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for AIM is 76.5. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.2% in 2021 through June 11th and beat the market again by 3.3 percentage points. Unfortunately AIM wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on AIM were disappointed as the stock returned 0.4% since the end of March (through 6/11) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.
Follow Aim Immunotech Inc. (NYSEMKT:AIM)
Follow Aim Immunotech Inc. (NYSEMKT:AIM)
Disclosure: None. This article was originally published at Insider Monkey.