Since CorVel Corporation (NASDAQ:CRVL) has weathered declining sentiment from the entirety of the hedge funds we track, we can see that there lies a certain “tier” of funds who sold off their positions entirely in the third quarter. It’s worth mentioning that Chuck Royce’s Royce & Associates cut the biggest stake of the “upper crust” of funds watched by Insider Monkey, worth about $1.6 million in stock. Joel Greenblatt’s fund, Gotham Asset Management, also cut its stock, about $0.5 million worth.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as CorVel Corporation (NASDAQ:CRVL) but similarly valued. These stocks are National Storage Affiliates Trust (NYSE:NSA), K2M Group Holdings Inc (NASDAQ:KTWO), Just Energy Group, Inc. Ordinary Shares (Canada) (NYSE:JE), and Viad Corp (NYSE:VVI). This group of stocks’ market valuations are similar to CRVL’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NSA | 12 | 68930 | -9 |
| KTWO | 10 | 50490 | -1 |
| JE | 9 | 15531 | -2 |
| VVI | 14 | 128142 | -1 |
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $66 million. That figure was also $66 million in CRVL’s case. Viad Corp (NYSE:VVI) is the most popular stock in this table. On the other hand Just Energy Group, Inc. Ordinary Shares (Canada) (NYSE:JE) is the least popular one with only 9 bullish hedge fund positions. CorVel Corporation (NASDAQ:CRVL) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VVI might be a better candidate to consider taking a long position in.
Disclosure: None
