As aggregate interest increased, specific money managers have jumped into HC2 Holdings Inc (NYSEMKT:HCHC) headfirst. Renaissance Technologies, led by Jim Simons, created the biggest position in HC2 Holdings Inc (NYSEMKT:HCHC). Renaissance Technologies had $0.3 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $0.3 million investment in the stock during the quarter. The following funds were also among the new HCHC investors: Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital and Israel Englander’s Millennium Management.
Let’s also examine hedge fund activity in other stocks similar to HC2 Holdings Inc (NYSEMKT:HCHC). We will take a look at Sterling Construction Company, Inc. (NASDAQ:STRL), Lifetime Brands Inc (NASDAQ:LCUT), Asterias Biotherapeutics Inc (NYSEMKT:AST), and Autobytel Inc. (NASDAQ:ABTL). All of these stocks’ market caps match HCHC’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| STRL | 9 | 10127 | 1 |
| LCUT | 3 | 3696 | -1 |
| AST | 4 | 16133 | 4 |
| ABTL | 13 | 37674 | 0 |
As you can see these stocks had an average of 7.25 hedge funds with bullish positions and the average amount invested in these stocks was $17 million. That figure was $20 million in HCHC’s case. Autobytel Inc. (NASDAQ:ABTL) is the most popular stock in this table. On the other hand Lifetime Brands Inc (NASDAQ:LCUT) is the least popular one with only 3 bullish hedge fund positions. HC2 Holdings Inc (NYSEMKT:HCHC) 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 ABTL might be a better candidate to consider taking a long position in.
Disclosure: None